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CPA Canada/FEI Canada: Financial executive survey reveals more can be done to recognize and manage risk

Published on: Feb 14, 2016

While many Canadian organizations are concerned with risk and have a documented management plan in place, a significant number (one in five) do not, according to a study by Chartered Professional Accountants of Canada (CPA Canada) and Financial Executives International Canada (FEI Canada).

More than 320 financial executives from across the country participated in an online survey for the study titled The State of Enterprise Risk Management in Canada. Robust, institutionalized enterprise risk management programs are common among large and public companies, where nearly half have one in place. The percentages decline for smaller and private companies.

Among the study’s highlights:

  • Nearly one-third of senior financial executives say their employees mostly or fully understand the risks to their organization, but the majority of respondents did say that their Board of Directors and senior management teams either mostly fully or fully understood the risks that were relevant to their organization (72 per cent and 80 per cent respectively).
  • When asked about the organization’s strategy being aligned to its risk appetite, most felt that the company was either fully or mostly aligned. However, 24 per cent felt that the company’s strategy was only somewhat aligned to its risk appetite and a further 4 per cent felt it was not very aligned at all.

For more information on the report and survey methodology, visit: cpacanada.ca/enterpriserisk

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