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Expectations of risk management outpacing capabilities

‘Expectations of Risk Management Outpacing Capabilities,’ a new report from KPMG, presents the results from a global survey of 1,092 C-level executives that was conducted by the Economist Intelligence Unit.

The survey found that companies are facing ‘an array of threats that grow more complex by the day’ and these challenges are ‘growing faster than most organizations' abilities to respond.’

Other key findings were:

  • Risk management is widely seen as a high priority among companies surveyed, but only 66 percent build it into strategic planning decisions often or constantly.
  • Most companies surveyed do not have a consistent way of assessing risk across the enterprise.
  • Less than a fifth of companies surveyed have developed a formal risk appetite statement.
  • The top risk perceived by senior executives is the growing regulatory pressure from governments around the world.
  • Respondents say the business units are more adept than the risk and compliance specialists, as well as internal audit, in assessing and managing risk.
  • Forty-two percent of respondents say that a lack of skills is the main obstacle to the convergence or integration of risk and control functions in companies.
  • Survey respondents admit they need to do more to motivate business managers to make risk-aware decisions by linking their performance in this area to compensation.

Read the report (PDF).

•Date: 19th June 2013 • World •Type: Article • Topic: Enterprise risk management

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