Risk Management is becoming a large concern for many businesses. With conflicts around the world, companies are running into new problems every day. These problems are causing lots of unexpected losses.
Techslang
Boston Consulting Group recently found that only 37% of companies with low-risk management realize how crucial navigating crisis really is. Risk management is becoming more and more important each day and large companies are falling behind.
With this being a big problem, companies are starting to put a focus on risk management in order to mitigate losses. Designating specific departments to risk rather than it being on the back burner is becoming beneficial to how these companies deal with the current business environment.
It all starts at the top. After multiple instances of unexpected loss over the last few decades, business leaders have been more inclined to give risk management a better look than it used to.
Although it does not seem like risk management has the front seat now, companies will quickly catch up or it will be too late.
Personally, I feel that these companies need to devote more resources to risk management in order to be successful in today’s business climate.