Management

Risk management for an era of greater uncertainty

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Accenture 2013 Global Risk Management Study Many organizations say they want to
make better use of analytics, but it is
apparent that there is still plenty of
ground to cover here. High-performance
risk management organizations are taking
a focused approach to embed analytics
into their management processes. They
are doing so by, among other measures,
improving data quality and developing
actionable dashboards for management
related to specific, focused issues. They are
also cultivating risk technology’s “human
element” through training and other
measures to help make findings from risk
analytics actionable and insightful.
Regulatory concerns were, of course,
high on the list of challenges for risk
respondents in the market today.
Responding organizations seem to have,
in general, improved their compliance
management effectiveness but continue
to be challenged by the pace and scale of
regulatory change.
Many respondents said that they were
focused on improving the relationship with
their regulators as a specific objective
– a much more explicit categorization
than we saw in previous surveys.
Conclusion: Four things to do
differently
Since publication of the first Accenture
Global Risk Management Study in 2009,2
it is clear that many organizations have
made great strides in developing risk
management functions, but others have
been left behind.
Our 2013 Global Risk Management Study
finds nearly all surveyed firms give
higher priority to risk management now
than they did two years ago. But there
is still much room for improvement.
There appear to be large gaps between
expectations of the risk management
function’s role in meeting broader goals
and its perceived performance— for every
organizational goal we surveyed.
In the following pages we have provided
a wealth of data and many examples of
how others are addressing the various
challenges to more effectively manage risk
in an era of greater uncertainty.
The Report lays out in more detail the
current market pressures, shares insights
on how firms are leveraging the risk
management function to respond to
these challenges and provides data and
examples of what it can mean to be a highperformance
risk function.
However, to provide some “sign-posts”
as you read through the information, we
identified four of the more significant
key actions which are evidently helping
organizations reach their risk capability
goals for 2015.
1. Treat risk as a “people game,”
developing risk staff with business
acumen.
If the risk management function
is to play its elevated role more
effectively, it increasingly will rely on
risk staff with a deep understanding
of the broader business.
2. Look ahead, as new types
of risks are relentless, and
develop capabilities that match
tomorrow’s risks.
Risk capability plans should aim to be at
least in concert with the organization’s
business development plans, and often
should be leading, rather than lagging.
3. Manage regulation through a
transformational lens.
Many industries are being forced to rethink
their business models, processes, reporting
and data structures to better enable
effective regulatory solutions. Seeking the
opportunities to align these efforts with
the business change agenda can lessen
future complexity.
4. Focus on insight, not just
data and analytics, and develop
the “human element” of risk
technology.
It is important not to miss the forest for
the trees: technology, data, and analytics
can only have value if their insights can be
put into action.

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1-40

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English

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Risk management for an era of greater uncertainty

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