Managing Risk has in recent years seen a shift in focus to make its procedures and techniques more adjustable to change in business and economy and more receptive to the requests of C-suite executives. By now focusing on strategic risks, these executives, including the CFOs find themselves better prepared and equipped to distinguish what could undermine their future business, face new challenges and take advantage of the upcoming opportunities.
In brief, strategic risks are those which has the potential to threaten the core assumptions of the organization. This includes everything from political upheavals to black swans and obsolete business technology. As per a survey held by Deloitte Touche Tohmatsu Limited (DTTL) of C-level executives, increased regulation (30%) and the pace of (30%) came up as the main risks. Furthermore, it was reported by them that most of the people didn’t utilize their risk sensing capabilities on the maximum level. The approaches of traditional risk management like mitigation and hedging are not responsive to strategic risks as they are usually hard to spot and manage. These issues often lead to question like “Are we going to try to resist this, avoid it, and push it off if possible? Or are we going to embrace it as an indicator of where the market is going and where our next big opportunity may be?” This study will be focusing on the barriers to recognize strategic risks and ways to manage them.
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