The compliance challenge: managing legal & regulatory risk
Ropes & Gray・2 minutes read
A global survey on risk management found cybersecurity, corruption, and regulatory risks as top concerns, with regulations and compliance identified as the top risk; chief risk officers and strong leadership support were seen as essential for risk management. Companies vary in their approach to risk analysis, with some preferring centralized and others decentralized methods, but all agree on the need for greater collaboration.
Insights
- Regulation and compliance were identified as the top risk across industries, with the majority of respondents feeling increased pressure from regulators, emphasizing the critical role of strong leadership support for risk management.
- While developing markets, especially China, were perceived as the riskiest, the US and UK were considered the riskiest developed markets, showcasing a global perspective on risk assessment and the importance of collaboration in enhancing risk mitigation efforts.
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Recent questions
What were the key concerns in the global risk management survey?
Cybersecurity, corruption, regulatory risks
Which markets were perceived as the riskiest in the survey?
Developing markets, China
What role did chief risk officers play in risk management?
Crucial role in day-to-day management
What was the preferred approach to enterprise risk analysis in the survey?
Centralized and decentralized approaches
What was identified as the top risk across industries in the survey?
Regulation and compliance
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Summary
00:00
Global Survey Highlights Risk Management Concerns
- The speaker presented highlights from a global survey on risk management, covering areas of concern such as cybersecurity, corruption, and regulatory risks.
- The survey included input from nearly 300 senior professionals across various industries, focusing on key concerns and risk mitigation processes.
- The majority of respondents expressed heightened pressure from regulators, with regulation and compliance identified as the top risk across industries.
- Developing markets were perceived as the riskiest, with China standing out, while the US and UK were seen as the riskiest developed markets.
- Companies emphasized the importance of strong leadership support for risk management, with chief risk officers playing a crucial role in day-to-day management.
- Approaches to enterprise risk analysis varied, with about half preferring a centralized approach and the other half opting for a decentralized approach, but most agreed on the need for greater collaboration to enhance risk mitigation efforts.
