Risk Management Now a Top Concern

Corporate executives are beginning to shift their priorities in response to the financial crisis and deteriorating economic conditions according to a recent survey by The Conference Board as reported in yesterday's Wall Street Journal.  It is no surprise that risk management is now a top concern.  What is somewhat perplexing is that risk management was not a top concern when the same survey was conducted in July (see survey results below).  

Risk management should always be a top concern, but many do not consider it as a primary focus area until times of crisis.  While it is human nature to react in this manner, the full benefit of strong enterprise risk management programs is gained by averting such periods of crisis.  Risk management attention and investment at this time is certainly warranted.  However, let's hope the investment and discipline is maintained so another crisis of this magnitude never comes to pass.