Competition and market, financial and regulatory risks top the lists of concerns for risk management professionals in Latin America, according to a new study.
The 2018 Risk Management Benchmark in Latin America report found that 66% of risk management professionals in the region highlighted competition and market risks when asked about the top 10 risk areas for their organizations, followed by financial risks at 63% and regulatory risks at 56%, according to the report published Wednesday by Marsh Risk Consulting and the Risk and Insurance Management Society Inc. Talent risks, cited by 49% of professionals, and business continuity exposures, cited by 47%, rounded out the top five areas of risk concern.
Only 34% of respondents put cyber risk in their top 10 list while 42% placed occupational health and safety on that list, according to the survey.
About 25% of Latin American companies have advanced levels of maturity in risk management, with another 70% formalizing or establishing risk management and only 5% not developing risk management within their organizations, according to the report.
Meanwhile, 51% cited…
