Survey of Risk 2018
Marsh’s seventh Survey of Risk has shown that New Zealand businesses are not as prepared as they should be when it comes to dealing with risk.
The survey asked clients what their biggest current and emerging risk concerns were, how they manage risk and whether they are reviewing risk more than they were two years ago.
A big part of mitigating risk is of course to understand what the key risks are, how they will impact your own business and then putting plan in place to manage them.
When asked if they had plans in place to deal with the biggest emerging risks 23% of the clients surveyed said that they did not have a procedure in place to deal with cyber risk, 43% did not have plans in place to deal with increasing corporate governance requirements and 44% were similarly placed when it came to talent attraction and retention risks.
While 95% of the respondents stated that they did have processes and procedures in place to manage the biggest current risk - destruction and disruption of assets by fire, flood or some other natural disaster / extreme weather event, 45% of respondents did not have a plan in place to deal with business interruption due to supply chain failures. Whilst a business may feel confident about their own plans and not be impacted by an event, such as a natural disaster or cyber attack, their suppliers may be and this is where things can fall down.
The survey was completed by representatives from 132 organisations from across New Zealand – from SMEs to large corporates across a range of industries and organisational types. The results have been benchmarked against our previous survey.
To see the new and emerging risk rankings and read the report commentary download the full report.