Exploring strategic risk
Strategic risks – those that affect or are created by business strategy decisions – are critical to the growth and performance of your business. According to a recent survey conducted by Forbes Insights on behalf of Deloitte, 81% of respondents reported having an explicit focus on managing strategic risk, with reputation cited as the #1 risk they are concerned about. Meanwhile, only 13% of respondents indicated that their risk management program supports their ability to develop and execute business strategy. So, what are leading companies doing to manage strategic risk – and how are they preparing for the future?
“When we develop a strategy we think about the risks associated with it, but also what [business] risks are minimized by following that particular strategy.” - Reto J. Kohler, Managing Director, Head of Strategy, Corporate & Investment Banking, Barclays
Deloitte's new survey report offers a clear view of how companies view and manage the risks that affect their business strategy, based on recent survey results. See answers to questions such as:
- Which risk areas had/have/will have the most impact on your business strategy?
- Who primarily determines your company's approach to managing strategic risk?
- Has your approach to managing strategic risks changed in the last three years? How?
- Which technology enablers or disruptors do you believe may threaten your business model?
About the survey
The findings in this report are based on a global survey conducted in the spring of 2013 by Forbes Insights, on behalf of Deloitte. It includes insights from more than 300 respondents from the Americas (33%), Europe/Middle East/Africa (33%), and Asia/Pacific (34%). Nearly all respondents were C-level executives (263), board members (22) or specialized risk executives (21). Surveyed companies came from all five major industry sectors (consumer/industrial products, life sciences/healthcare, technology/media/telecommunications, energy/resources and financial services), and all had annual revenues in excess of US$1 billion (or equivalent).