III Risk Management Benchmark in Latin America
Latin American companies are making significant progress in capitalizing on the opportunities for growth, sustainability and resilience that risk management implies, but even more than 50% are not acting in the face of emerging risks such as cyber, reputational and technological change.
The III Risk Management Benchmark in Latin America, published by Marsh Risk Consulting in association with RIMS (The Risk and Insurance Management Society), presents key findings such as:
• 40% of organizations in Latin America have a medium level of maturity in risk management, but with a clear and determined progress in the search for organizational resilience.
• Brazil and Mexico are the most advanced countries. By sectors, Financial Institutions, Mining / Metals and Energy are the ones that are benefiting most from integrating risk management into their business strategy.
• The main challenges for its correct implementation are in the culture and values of the organization (51%), its visualization as a compliance issue and not a strategy (46%), and the lack of key knowledge about its importance and value who contributes (46%).
• 75% consider regulatory and cyber risk as the most urgent risks in the short term, but 50% are not analyzing and evaluating cyber risk.
• 35% say they do not value the opportunities of risk management, and among those that do, only 40% have formal methodologies to take advantage of them.
Gerardo Herrera, regional leader of Marsh Risk Consulting, commented: "In an increasingly complex and interconnected world, one of the keys to capture opportunities lies in our ability to anticipate. Innovative risk management, integrated into the business strategy, not only creates value for the organization, but also allows it to transform its risks into real and sustainable competitive advantages ".