Rapidly developing technologies, evolving customer needs and increasing competition have made businesses more vulnerable to risk than ever before. However, ‘Risk in review: Managing risk from the front line’ (2017) – a PricewaterhouseCoopers (PwC) survey of over 1500 C-level executives and Chief Risk Officers from across 30 industries and 80 countries – found that the maturity of a whopping 64% of their risk cultures fell in the ‘extremely low’ category, whereas only 9% could boast of very high maturity.
Change appears to be on the way, though, as an increasing number of companies are beginning to focus on critical aspects of risk management, such as defining risk appetite, integrating technology into their enterprise risk management…
