The Changing Landscape of Risk Management

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Topics:

Finance & Risk Management

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Abstract:

As the business environment grows more complex, companies become more exposed to a variety of risk factors. In response to this exposure, finance executives say they anticipate contributing more to nonfinancial risk management.

Senior finance executives we surveyed say that operations tend to perceive risk management as an interference with the business, creating tension between risk managers and operations. This tension, they say, combined with a lack of a single, coherent approach to risk management across functional areas, is a barrier to improving companies' risk management.

The finance executives in our survey advise closer collaboration between operations and risk management, to "engage all functions in the process." And they advise their peers to seek the impartial support of internal audit to aid in risk management efforts. As one senior finance executive notes, "You cannot do it alone."

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