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Risk in Review

A new PwC survey report outlines the imperative to strengthen risk management techniques around resilience, people, technology, and next-generation risk analytics.

Based on a survey of more than 800 executives and risk managers in businesses worldwide, PwC's ‘Risk in Review’ report looks at how the risk management arena is expected to change and develop in 2013.

Organizational change and restructuring, talent shortages and greater technology risks are all key transformation-driven risks identified by PwC for 2013.

Highlights include:

  • Close to 60 percent of executives say business transformation will make their companies more vulnerable to technology risks.
  • More than 40 percent of survey respondents say social media is likely to put them at risk in the next 18 months.
  • Almost half of the survey respondents are concerned that entering new geographies and markets will expose them to further risks, particularly regulatory compliance risks.
  • More than 62 percent cite risks arising from organizational change and restructuring as a key hazard of business transformation, since reorganizations can go wrong or cause unexpected consequences. Similarly, more than half of respondents cite the failures of new strategies and business ventures as key risks.

Risk in Review outlines four strategic response categories in which forward-looking businesses are bolstering their risk management techniques to address risks arising from market and business transformation:

  • Resilience: Companies are pushing harder to build resilience to emerging risks. Over the next 18 months, more than half of responding companies will be applying horizon scanning, early-warning systems, scenario planning and flexible risk appetite statements.
  • People: More companies are taking organizational measures such as developing risk-related performance incentives and conducting talent audits to identify skills gaps. PwC's survey respondents plan increases of 79 percent and 69 percent, respectively, in their use of these measures.
  • Technology: To address growing risks from digital technology and social media, companies will nearly double their use of intellectual property, brand and reputation audits over the next 18 months and take measures to mitigate the risks that are uncovered.
  • Next-generation risk analytics: Across industries, companies will draw on more sophisticated techniques to identify hidden patterns and risk linkages in large sets of data. The fastest growing tools will include integrated risk data warehouses (whose use is expected to double) and risk dashboards (whose use will increase by 50 percent).

To download a full copy of the Risk in Review report, please click here.

•Date: 11th April 2013 • World •Type: Article • Topic: Enterprise risk management

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