Over the last year, we've seen unemployment rates decrease and consumer confidence make a comeback, but that doesn't mean that business risks have evaporated. In fact, as the global business environment rapidly evolves, new opportunities and challenges present themselves, bringing new risk dialogue topics to boardrooms and executive offices around the world.
In January 2013, healthcare provider organizations bid farewell to an era defined by uncertainty, at least with regard to healthcare reform, and ushered in an era that may very well be defined by volatility, at least in terms of internal systems, processes and procedures. If this assessment is an exaggeration, it is only a slight one. After all, one of the primary sources of uncertainty – whether the Patient Protection and Affordable Care Act (PPACA) would be implemented – was resolved in 2012, following the Supreme Court's monumental decision regarding the law's constitutionality.
Recently Protiviti surveyed nearly 200 Chief Information Officers, Chief Technology Officers, Chief Security Officers, IT vicepresidents with more than 100 questions covering Technical Knowledge, IT processing Capabilities and Organizational Capabilities.
A wide array of industry vectors were represented including consumer products, distribution, energy, financial services, health care, hospitality, manufacturing, retail, technology and utitilities. More than half work in publically traded companies and the rest work in private, government and non-profit organizations.
The global business environment continues to evolve rapidly, creating opportunities and challenges for all types of organizations in virtually every industry and country. These organizations are reminded, all too frequently, that they operate in a risky world.
To provide perspectives about the nature of potential risks in 2013, Protiviti and North Carolina State University’s ERM Initiative partnered to survey more than 200 board members and C-suite executives to obtain their views about what risks they believe are likely to affect their organizations over the next 12 months. Among the key findings from our study:
- Executives are significantly concerned about the magnitude and severity of risks that could affect the achievement of profitability or funding goals over the next year
- Two risks stand out as being of the highest concern:
Concerns about the potential for regulatory changes and heightened regulatory scrutiny that will affect how products and services will be produced and delivered.
The report also discusses the surveyed organizations’ plans to improve their capabilities for managing these risks.
Download The Entire Report Here
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