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The Accenture 2013 Global Risk Management Study finds there are large gaps between expectations of the risk function’s role and its perceived performance.
Risk functions today are struggling to move from regulatory compliance to delivering business value. They have invested heavily in risk development and now want to see a return.
Risk Management Report 2013 Results
Explore the results from the 2013 Global Risk Management Research.
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View the Overview and Industry Research Infographic
The study examines the perspectives and concerns of executives at nearly 450 companies in eight industry groups and in three major geographic regions. The 2013 Global Risk Management Study is the third in a series. The first study was undertaken in 2009 and a second study was released in 2011.
It explores not only current trends in risk management but the challenges that lie ahead, and how organizations are planning (and investing) to meet these challenges. The study also looks at how risk masters apply risk management capabilities to achieve competitive advantage.
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Rising external pressures across industries and regions are impelling organizations to give more emphasis to risk management and integrate it in their decision making. Our 2013 Global Risk Management Study finds nearly all surveyed firms give higher priority to risk management now than they did two years ago.
But there is still room for improvement. Risk management functions today are grappling to achieve regulatory compliance while delivering business value. They have invested heavily in developing risk capabilities and now want to see a return.
For every organizational goal we surveyed, there are large gaps between expectations of the risk management function’s role in meeting broader goals and its perceived performance. The largest gaps are in regulatory compliance, managing reputation and risk-adjusted performance management. Organizations have, on average, developed their compliance management effectiveness but continue to be challenged by the pace and scale of regulatory change.
Risk managers are also striving to increase their agility in light of the next wave of risks, such as threats to reputation. Looking ahead to 2015, organizations will seek to meet these challenges by focusing on risk management talent, turning data into insight, and taking a more proactive approach to regulation.
Companies are raising the profile of risk management, increasing the involvement of the executive board and enhancing the risk management function’s organizational role. Ninety-six percent of risk management owners now report directly to the organizational role. More than eight out of 10 risk management owners now report on risk regularly to the board.
In spite of remarkable progress, many organizations may want to do more to enhance capabilities to cope with an increasingly uncertain risk landscape, to achieve compliance while delivering value and to move from a reactive to a proactive stance on risk.
September 17, 2013
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