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Business leaders today face a complex and interconnected risk landscape that is akin to a game of whack-a-mole. Risks do not arise in isolation but often come in pairs or even groups, making it difficult for companies to tackle them effectively. It's time for a new approach that involves a more collaborative and panoramic view of risk, starting with a close-up view of the peskiest moles: cyber risk, supply chain risk, and climate risk.
Cyber
66%
Share of execs who say they've experienced an increase in cyber breaches since 2020.
Source: PwC's 2023 Global Digital Trust Insights Survey
Supply chain
43%
Share of CEOs who say supply chain disruption is likely to significantly impact their industry's profitability in the coming decade.
Climate
35%
Increase in climate- and weather-related disasters, per decade, since the 1990s.
Source: IFRC World
To address these risks, C-suite teams need to leave their old mindsets behind and adopt a new game plan that rewards taking a more holistic view of risk. This requires a broad, shared view that helps companies set their risk appetite appropriately and capture more upside in the risks they take. Senior executives can do three things to make this happen: see it, share it, and sort it.
- Seeing it involves identifying what matters most and focusing on where plausible risks could materialise and hurt customers and the business the most. This exercise requires trust, transparency, and the courage to challenge assumptions.
- Sharing it involves collaborating to eliminate blind spots by discussing and mapping relevant processes, handoffs, and dependencies across key business areas.
- Sorting it involves turbocharging with tech to amplify decision making. AI-powered dashboards can track vital dependent operations and flag danger signs, helping to prioritise actions.
Business leaders must make trust a pillar of their risk management approach, zoning in on the business areas that are most vital. This requires silo-busting collaboration and a commitment to share risk responsibilities across the organisation. Only then can risk get sorted, and companies can avoid playing a never-ending game of whack-a-mole.
This is a high level summary of ‘Risk: see it, share it, sort it’ from our global publication strategy+business. Please click on the link below to read the full article.
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