La Implementación De Instrumentos Derivados En El Uruguay
Enviado por lulita86 • 3 de Septiembre de 2011 • 3.514 Palabras (15 Páginas) • 689 Visitas
The future of risk
Protecting and enabling performance
Contents
Introduction .............................................................................. 1
The risk landscape is changing .................................................. 2
Maturing of risk management practices .................................... 4
Recognizing opportunities ......................................................... 6
Focus areas for improvement .................................................... 8
An improved future state of risk ............................................. 10
Summary ................................................................................ 13
Survey approach ..................................................................... 14
Contacts ................................................................................. 16
The future of risk: Protecting and enabling performance 1
Introduction
Albeit painful, progress ultimately results from crisis. The
current downturn is causing companies to challenge their risk
management processes and ask how they can further improve
their risk management efforts. Against this backdrop, we
conducted a survey to provide a snapshot of the current risk
environment and to understand organizational attitudes toward
enterprise risk management. We were also interested in
understanding how recent events have impacted approaches to
risk management and organizations’ abilities to identify and
manage different types of risk. Never has there been a more
critical time to defi ne a path forward for the “future of risk.”
We believe that the recent economic challenges were, in part, more
diffi cult to predict and manage due to the increasing complexity of
risk management processes. Over the past few decades, the number
of risk management functions has grown to the point where most
large companies have seven or more separate risk functions — not
counting their independent fi nancial auditor. This has created
ineffi ciencies and resulted in a degree of fatigue on the business.
As the number of risk functions increases, coordination becomes
more diffi cult and often results in coverage gaps and overlapping
responsibilities. The demands and various reporting requirements
placed on the business by these risk functions can become signifi cant
and burdensome. The number of risk functions and the various
communications from these functions can be a challenge for
executives and the board of directors to manage and understand.
As complexity has increased, so has company spending on risk
management. Based on a previous survey we conducted last year
of Fortune 1000 companies, we estimate that the average company
spends about 4% of revenue on risk management activities.
Considering the events of the past 12 months, it is not surprising
that 96% of our recent survey respondents believe that their risk
management programs could be improved. Furthermore, only 1%
of companies intend to reduce their risk management resources.
Given the current cost-conscious mentality, the fact that nearly all
companies want to improve their risk management efforts and intend
to maintain or increase their current levels of investment underscores
the growing awareness of the value of sound risk management.
Moreover, 46% agreed that committing more resources to risk
management would help to create a competitive advantage.
Clearly, organizations recognize the importance of risk
management. Leading organizations acknowledge that risk
management is more than simply protecting existing assets; it is
also about enabling performance to create future value.
However, the reality is that most risk functions will be asked to do
more with the same or limited additional resources. There is a
strong drive to improve risk coverage through better use of existing
resources and to deliver more value from their respective
functions. The challenge for most organizations will be to fi nd
increased effi ciencies in the way their risk management functions
operate and defi ne the improvements that create the greatest
value. We believe the answer to these challenges can be found by
carefully considering how best to balance risk, cost and value
across the enterprise. Companies that effectively address this
challenge are more likely to outperform their competitors.
We believe the answer to these
challenges can be found by
carefully considering how to
balance risk, cost and value
across the enterprise.
Risk Value
Cost
2 The future of risk: Protecting and enabling performance
The risk landscape is changing
Risk management priorities continue to shift in the wake of global
economic challenges. Some organizations have been faced with
fi nancial crisis. In response, they are intensifying efforts to manage
costs and improve performance. Fifty-two percent of our respondents
indicated that their fi nancial risks have increased during the past
12 months; 42% said that strategic risk has increased; 40% believe
their compliance risks have increased; and 39% indicated their
operational risks have increased. Very few organizations indicated
a decrease in any of the four risk areas. Eighteen months ago,
few organizations would have placed fi nancial risk at the top of
their list or anticipated that it would increase at the current pace.
The question organizations face now is, “Do our risk management
efforts help us understand which risks will emerge in the next
12 months?”
Significant
increase Increase No change Decrease Significant
decrease
Overall compliance risk
5 34 49 12
Overall strategic risk
4 36 47 11
Overall operational risk
4 38 46 12
Overall financial risk 9 43 39 7 2
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2
Over the past 12 months how has risk increased or decreased for your organization in the following
risk areas?
The future of risk: Protecting and enabling performance 3
Organizations have recently been criticized for their limited views
on possible sources of risk, their inability to anticipate the impact
of risks or their slowness
...