Beyond Box Ticking – A new era for risk governance

A recent analysis of survey data by the widely respected Economist Intelligence Unit concludes that risk officials are torn between making needed but expensive improvements and curtailing costs.
Given the severity and pervasiveness of the economic woes of enterprises worldwide during the past year or more, it should be enlightening but not surprising to learn that risk management professionals believe their biggest challenge for 2010 will be securing adequate resources to perform optimally.

A new 32-page report from the London-based business intelligence firm the Economist Intelligence Unit (EIU) finds that needed improvements to risk management functions are being put on hold as organizations everywhere strive to reduce headcount and rein in capital and operating expenditures. This interesting analysis, Beyond Box-ticking: A new era for risk governance (PDF), is grounded in a survey and follow-up interviews of senior risk professionals worldwide from enterprises of widely varying sizes and types.

The 364 risk professionals questioned by the EIU for this study believe, in general, that the highest barriers to effective risk management in their organization are inadequate technology with resulting poor data quality and lack of expertise. Rather than tackling these central impediments now, however, the risk professionals say they are more likely to concentrate on lower-cost process improvements and training.

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