Strategic risks – those that affect or are created by business strategy decisions – are critical to the growth and performance of your business. According to a recent survey conducted by Forbes Insights on behalf of Deloitte, 81 per cent of respondents reported having an explicit focus on managing strategic risk, with reputation cited as the #1 risk they are concerned about.
Meanwhile, only 13 per cent of respondents indicated that their risk management programme supports their ability to develop and execute business strategy. So, what are leading companies doing to manage strategic risk – and how are they preparing for the future?
“When we develop a strategy we think about the risks associated with it, but also what [business] risks are minimised by following that particular strategy.” - Reto J. Kohler, Managing Director, Head of Strategy, Corporate & Investment Banking, Barclays
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Deloitte's new survey report offers a clear view of how companies view and manage the risks that affect their business strategy, based on recent survey results.
The findings in this report are based on a global survey conducted in the spring of 2013 by Forbes Insights, on behalf of Deloitte. It includes insights from more than 300 respondents from the Americas (33%), Europe/Middle East/Africa (33%) and Asia/Pacific (34%). Nearly all respondents were C-level executives (263), board members (22) or specialised risk executives (21). Surveyed companies came from all five major industry sectors (consumer/industrial products, life sciences/healthcare, technology/media/telecommunications, energy/resources and financial services) and all had annual revenues in excess of US$1 billion (or equivalent).