Majority of Global Boards and Executives Sense an Increased Risk Environment, Finds AICPA & CIMA and NC State University Report
NEW YORK, Oct. 31, 2023 /PRNewswire/ -- The latest report by AICPA & CIMA and NC State's Enterprise Risk Management (ERM) Initiative has identified a worrying immaturity of ERM processes and a lack of understanding by executives and boards of the strategic value of an effective risk oversight process. At the same time the research showed a significant increase in the level and complexity of risks their organizations are facing.
- The report found that 68 percent of respondents sense volume and complexities of risk increasing.
- However, only 31 percent describe their organization's risk oversight practices as "mature" or "robust."
- The 2023 Global State of Risk Oversight: Managing the Rapidly Evolving Risk Landscape includes insights from a survey of 983 global senior finance and business leaders conducted in 2023.
- The occurrence of an actual significant risk event suggests a potential breakdown in the organizations' risk management processes.