Risk Management in the Era of Digitalisation

In today's fast-paced business environment, companies constantly deal with risks and uncertainty. To stay competitive, businesses must adopt a more agile and integrated approach to risk management. Finance leaders now play a crucial role in providing analytical insights for decision-making while managing associated risks. Despite the development of COSO's Enterprise Risk Management framework in early 2000s, the perception of risk management has largely been associated with the financial sector since the 2008 global banking crisis. Yet, recent pandemic and emergence of climate change have highlighted the need for risk management across all industries. To explore modern risk management practices, we conducted a study among chief risk officers in non-financial organizations. Our research focused on the impact of digitalization and top management on the future of risk management. We gathered responses from more than hundred large and medium-sized Austrian companies in collaboration with the Controller Institute. 

Discover the main findings in this white paper.