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More companies emphasizing value of risk management: Survey

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More companies emphasizing value of risk management: Survey

A study suggests that companies are increasingly emphasizing the value of risk management to their organizations, seeing risk management as a function that enables growth and execution rather than “the department that says no.”

The 2013 “Accenture Global Risk Management Study” found 98% of those surveyed reporting an increase in the perceived importance of risk management in their organization with 81% reporting that their risk managers regularly discuss risk with the organization's board.

In addition, 96% said their organization has a chief risk officer — with or without the title, up from 78% in Dublin-based Accenture's previous study in 2011.

The 2013 study showed 58% of those surveyed have an enterprise risk management program in place, with another 33% planning to implement one within the next two years. That 91% ERM penetration is up from 80% in the study two years ago.

While the recognition of risk management's importance is growing in organizations, the study showed a shortage of risk management talent as a top obstacle to meeting risk management goals. Of those surveyed, 50% said a lack of skilled staff to develop analytical models was the top obstacle to their organization's effective use of risk analytics.

Asked where they see the greatest shortages of risk management talent, 61% cited risk business and data analysts, 60% cited risk technologists and 58% cited regulatory change program managers.

Of those surveyed, 54% cited shortages of personnel with the necessary skills as the top obstacle to developing risk management talent, 50% cited weaknesses in recruitment strategy and 50% cited insufficient training programs.

This year's study is the consulting organization's third, with the first published in 2009. It is based on surveys of executives from 446 organizations conducted this year. Respondents were C-level executives from organizations worldwide.

More information about this year's study can be found here.