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March 19, 2012

Economic uncertainty tops risk concerns: PwC study

More than three quarters of risk management executives are concerned about economic uncertainty, according to a PwC survey of 1,000 risk management leaders.

The report, Risk in Review, refers to “a new era of risk for businesses” created by economic turmoil, advancing globalisation and rapid technology progress.

The survey found the most common strategies acquired by leaders to tackle risk includes shifting the risk management focus from internal to external, from operational to strategic and from bottom-up to top-down.

Increased regulation, renewed financial volatility and growing completion also top the ranking of growing concerns.

“2011 marked a year of reckoning and many companies are still struggling to create an effective approach to managing the ever-widening risk landscape.” PwC US risk assurance practice leader Dean Simone said.

“Businesses are scrambling to fix weak links in their systems stemming from non-traditional risks such as social media and digital technology, to dealing with the realities of operating in today’s global marketplace.

“In this new risk era, corporate boards and senior management have a crucial role to play to ensure they set the right culture and align their strategy to risk imperatives.”

PwC has recommended risk management approaches and separately launched an online tool to enable companies to benchmark their risk profile.

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