Risk managers list economic uncertainty, increased regulation and growing competition as Top 3 risks

Risk managers and corporate executives identified intensifying economic uncertainty, increasing regulations and growing competition as the top three risks facing their organizations in a recent poll by PricewaterhouseCoopers LLP (PwC).

The survey, which tapped more than 1,000 executives and risk management leaders, was designed to examine the state of global risk and explore risk management approaches by individual companies.

Other areas of risk cited by respondents included data privacy and security threats, the competition for talent and labour, better forecasting and scenario analysis and an elevated role for chief risk officers.

“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,” said Dean Simone, leader of PwC’s U.S. risk assurance practice. “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.”