Managing Risk to Stay on the Successful Path

A recent study by Accenture indicates that many large corporations across the globe are looking to improve their risk management capabilities as a result of the recent economic crisis.  The study included a survey of more than 250 companies to determine the current state of risk management practices.  Here is a summary of the findings.

About half of the respondents believed that their company was well prepared to face the current level of economic turmoil. More than 85 percent of respondents indicated that their risk management capabilities needed to change. Forty-two percent of respondents pointed to the need for better integration of risk, finance and business data. Eighty percent of respondents say that poor data quality, inefficient reporting and fragmented systems are increasing the cost of risk management. Risk managers spent only 20 percent of their time advising business units. More than 70 percent of respondents have increased or plan to increase spending on risk management.

Do these findings mirror the current state of risk management at your company?  If so, Wheelhouse Advisors can design a cost-effective program to put your company on the path to success.  Visit www.WheelhouseAdvisors.com to learn more.