Security News > 2021 > February > Organizations can no longer afford a reactive approach to risk management

Survey respondents were asked to rate 36 macroeconomic, strategic and operational risks, including new risks that emerged this year related to the pandemic and social justice.

"More than ever, 2020 demonstrated that organizations can no longer afford a reactive approach to risk management. Pandemic risk loomed on the horizon for a long time - it was a matter of 'when,' not 'if,'" said Jim DeLoach, a Protiviti managing director.

"If there's any risk that all organizations across industries and geographies must maintain focus on, it's cybersecurity and privacy," said Patrick Scott, executive VP, Industry Programs, Protiviti.

New for this year's survey, respondents also rated the expected impact of the same 36 risks on their organizations in 2030.

Taking a decade-long view of the risk horizon, executives are concerned about the future of work, particularly when it comes to their organization's ability to adapt to emerging digital technologies and keep pace with the rapid speed of disruptive innovation.

According to the survey results, an organization's ability to upskill and reskill employees as well as attract and retain top talent will be paramount to its risk management strategy in the decade ahead. "Dr. Mark Beasley, professor of Enterprise Risk Management and director of NC State's ERM Initiative and co-author of the report said,"Following a year of unprecedented adoption of digital tools across industries globally, businesses are facing heightened pressure to pivot to new skills, processes, products and services to meet evolving customer preferences, protect their brand value and remain competitive in an increasingly complex and automated world.

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