Amplify risk management. Strengthen resilience. Empower your organisation.

The research on risk

While 90% of global executives believe risk identification is more important than ever, 57% say their organisation needs to improve cross-functional collaboration to better identify and manage risks.

Here’s what it takes to evolve risk management from a siloed function in your organisation to an integrated and active part of your culture.

What do our experts say about risk management?

Risk and resilience go hand in hand

Why everyone in your organisation should be a risk manager to strengthen resilience

We’ve all become more resilient in recent years—as individuals, as employees, as employers and, of course, as organisations. But while risk and resilience continue to be popular for large-scale organisational discussion, what does it actually mean to be risk aware and resilient at this level?

In 2022, we sponsored a global study by Economist Impact of 600+ executives across five continents to explore the topic of resilience, which led to our 2023 research on risk. These insights were obtained through survey analysis, desk research, and expert interviews to identify changing interpretations of organisational resilience. Here’s what we uncovered.

The four pillars of modern resilience

While almost 80% of executives realise that having an agile workforce is a much bigger priority since the pandemic, they have plenty of work to do in these areas:

• True cross-functional collaboration (beyond talking about it)
• Employee engagement
• Prioritisation of employee health and well-being

RELATED: Prepare your office for what's next (whatever that may be)

You’ll only get past the cross-functional planning and collaboration stages when efficiencies and consistent approval processes are embraced up and down the organisation:

• Top-down management support
• Full-time resources, including technology, dedicated to fostering resilience
• Proper information-sharing and efficient decision-making processes across functions, teams, and time zones

Over 60% of business leaders see the critical necessity to assess risk and consider new information tools and technologies. Organisations of all sizes have increased investments in hybrid work data protection and security applications. This way, proprietary information and digital assets remain as they should—proprietary.

The only way to go from pontification to implementation is to educate all ESG stakeholders of the broader business and social implications. Our research shows that 80% of executives agree that having dedicated sustainability staff and resources is more important than ever. ESG strategies and opportunities are not fads or feel-good exercises. They are critical to doing business in an ever-changing world.

RELATED: How ESG thrived through the pandemic and what we learned from it

What makes an organisation resilient?

According to our findings, a sustainable business resilience plan rests on these seven areas, all of which demand a purposeful strategy to ensure your organisation stays resilient into the future:

7 elements of a sustainable business resilience plan

1. Cross-functional collaboration and planning–Operational efficiency
2. Information sharing between departments–Data governance & security
3. Employee well-being and engagement–Workplace transformation
4. Decision-making architectures and measurement–Operational efficiency
5. Balancing resilience and efficiency–Operational efficiency
6. Adapting to new technology–Data governance & security
7. Meeting sustainability targets–Sustainability