Another way to more fully engage risk management is for risk professionals to act as “risk knowledge centers,” providing an “omniscient” view of how risks impact their organizations. This idea was advanced by various focus groups comprised of risk executives from numerous sectors, who contributed to the survey. One director of risk at a major business-to-business service organization said that serving as a sought-after, centralized resource for insights has led the organization to embrace the risk management function “rather than see it as ‘sales suppressors’.”Other findings from this year’s survey include:
- While 47% of risk professionals identified risk management execution as their primary role, only 16% of C-suite respondents agreed. Instead, a majority (39%) of the C-suite respondents identified the CFO as having that responsibility.
- Risk professionals identified cyber risk as their number one risk priority for 2014, up from number 12 in 2013. The risk is also gaining more consideration among the C-suite, moving from number 26 in 2013 to number 12 on their risk priority list this year.
- Seventy-five percent of the risk professionals and 69% of the C-suite surveyed said they believe their organizations manage risk effectively.