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Risk management 'must be strengthened among UK firms'

29 November 2011

Businesses in the UK are currently failing to allocate an appropriate amount of attention to risk management strategies, according to a Deloitte report.

Analysis conducted by the organisation has revealed that less than half of large UK corporate entities have a dedicated chief risk officer (CRO) or equivalent, despite the unstable nature of the current business environment.

Although many companies recognise the value of managing risk, a large proportion were found to be uncertain as to how this should be executed, with inconsistent views of CRO roles and strategies.

Hans-Kristian Bryn, risk partner at Deloitte, said progress has been made in risk management terms in recent years, but companies are too focused on downsides to consider the benefits of a proactive and positive strategy in this area.

"There is a great opportunity for companies to increase the value of risk management by putting it in a more strategic context and incorporating risk-return more explicitly into decision-making," he said.

Earlier this month, a report from AT Kearney suggested companies that establish sound risk management strategies with outsourcing partners and suppliers are more likely to perform well.

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