PwC’s Global Risk Survey asked 3,910 business and risk leaders, from the boardroom and C-suite, across tech, operations and finance, as well as risk and audit, for their views on how their organisation approaches risk.
The survey revealed that New Zealand organisations are more focussed on protecting value than their global counterparts, with over 55% of respondents believing their organisation prioritises risk avoidance, regulatory adherence, and stability (versus 43% globally). However, 45% of New Zealand respondents believe their organisation seeks to create value by taking risk to create opportunity, build resilience to disruptive events, and actively look ahead to adapt and respond to the changing risk landscape (versus 57% globally).
We considered five areas where we believe organisations can take action to create opportunities and value in an evolving risk landscape.
1. Risk appetite
The survey findings suggest that there is a disparity between the risk appetite of New Zealand boards and their management teams. We consider the maturity of risk management practices in New Zealand and uncover how a defined risk appetite can add value and bridge the gap.
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2. Technology
The survey showed that in New Zealand, organisations are lagging behind their global counterparts in leveraging technology across the entire risk landscape. We take a look at why this might be, and suggest practical actions that organisations can take to address these challenges.
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3. Workforce
Nearly 40% of survey respondents in New Zealand viewed changing labour and skills requirements as a risk, rather than an opportunity. We uncover what could be driving this perception and consider ways New Zealand organisations could prepare for the changes that will impact our workforce.
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4. Geopolitical risk
The survey indicated that New Zealand business leaders believe their organisations are not significantly exposed to geopolitical conflicts, in contrast to global data where leaders acknowledge higher exposure levels. We take a look at what the impact of geopolitical factors could be and how New Zealand organisations can protect themselves.
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5. Climate risk
46% of New Zealand respondents said they were only slightly exposed to climate change, suggesting that they may not be as prepared as they could be for future climate risk. We consider what actions and adaptations businesses should take now to mitigate climate risk in 5-10 years time.
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What did we learn?
New Zealand respondents to the Global Risk Survey shared their views on how their organisation approaches risk. Here are some of the key stats.
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Contact us
If you’d like to learn more about the survey, or talk about any of the topics covered, please reach out to one of our team or click here.
