A new Accenture study of 260 chief financial officers, chief risk officers and other executives finds that 85 percent believe their approach to risk-management needs to be revamped. And, while nearly half of respondents said risk management is part of their strategic planning decisions, only 27 percent said it was involved to a great extent in objective-setting and performance management. Accentures 2009 Global Risk Management Study also identified a number of universal problems with risk management functions. For example, more than 80 percent of respondents identified ineffective integration of risk, return and capital issues on decision-making, Lack of alignment between the companys strategies and its risk appetite, and Insufficient enterprise-wide risk culture as just a few of the common problems in their organizations. A substantial percentage of respondents, 40 percent, reported that they have or plan to increase their investments in risk management over the next six months. And, 30 percent are considering an increase in future investment, Accenture reported. William Laurent emphasized the role risk and compliance management plays in the overall survival of a business entity in an Information Management column earlier this year. As more attention is paid to perfecting corporate performance measurement and risk mitigation, operational transparency and accountability are not always increasing as expected. However, governance, risk and compliance promises a more integrated and standardized approach to performance management and a better means of achieving a measurable improvement in accountability. For additional information on the survey click here.
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