This report by BDO explores how the priority and impact assigned to a risk should not be influenced by its novelty or familiarity.
Risk management needs to be part of a company’s culture, rather than being seen as a task – an awareness of risk and what to do about it should be in the DNA of every employee. It is up to the C-suite to take the lead in ensuring today’s hazards do not sit in a risk-function silo.
Key points include:
•60 percent of those questioned believe their organisation fails to re-evaluate ownership for risks that have been on the register for more than three years, demonstrating that complacency is a danger.
•More than three quarters believe their risk register is at least partly based on media stories, rather than a clear-sighted and analytical assessment of the threats facing the company.