Reimagine risk: Thrive in your evolving ecosystem
Apr 11, 2019
On April 11, 2019, we published an article how an overwhelming majority of executives now acknowledge risk management’s strategic importance. The task now before risk management functions—and CROs—is to rise to the challenge by equipping themselves to provide business-focused insight.
In environments of change, professionals in a range of endeavors often fail to understand risks and their roles in managing them.
In organizations, a lack of awareness of risks, of people’s roles in controlling them, and of ways to use risk data and new technologies and tools increases the challenges of risk management and undermines the achievement of strategic goals. Most organizations understand this: More than 90 percent of the risk managers we surveyed expect risk management to become more important to achieving strategic goals in the next five years.
Since the financial crisis, many organizations have—to varying degrees—upgraded and restructured their risk management functions. Yet much work remains undone. To understand the progress made—and still to be made—Deloitte surveyed 100 executives with the title of chief risk officer (CRO) or equivalent, 100 C-suite executives not primarily responsible for risk, and 300 executives in risk-related functions such as IT and operational risk.
Review the full article on our US firm's website.