Professor Mark Beasley has been a professor for 30 years and is a leader of the North Carolina State University’s Enterprise Risk Management Initiative. He was a board member of COSO for 7 years, has been a member of the member of the United Nation’s Internal Control Advisory Group for the last 7 years, and describes himself as a risk management thought leader.
He should understand risk management as he studies and teaches it, and seeks to provide thought leadership.
I have referenced his annual surveys of risk management maturity in many of my posts over the years.
This week, he shared his views on Why risk management failures are not limited to banking. He says:
Overconfidence, a resistance to talking about risk, and a dislike of the word “no” are some reasons that businesses fail to invest in risk management leadership.
In a 2023 study, as he reports in this article, he found that:
…only 31% of the respondents assess the overall maturity of their organisation’s risk management as “mature” or “robust”, with no region of the world rating risk management maturity higher than 38%.
His article seeks to explain why.
His next section is entitled “Excuses often heard for not investing in risk management” but then states:
There are reasons that organisations fail to invest in risk…
