The digital shift is a challenge for companies, according to PwC

NEW DELHI: Nearly eight in ten business leaders in India say keeping pace with digital transformation and other types of transformation is a significant risk management challenge, according to the 2022 Global Risk Survey from PwC: Highlights in India, published on Tuesday.

Six in ten executives feel the need to actively seek outside information to assess and monitor risk in an increasingly disruptive business environment, PwC said, adding that the survey saw the participation of 109 Indian respondents, top executives representing 72% of the sample and the remainder comprising risk management, audit and compliance professionals.

“Organizational risk management and broader resiliency capabilities must adapt quickly to support business agility and provide proactive, robust, and timely risk insights for decision-making. In an environment of constant change, risk management capabilities deliver the greatest value to board members and business leaders when integrated into corporate strategic planning and decision-making processes. organization,” reads a statement quoting Sivarama Krishnan, Partner and Risk Advisory Leader, PwC India.

The changing working environment caused by the pandemic continues to disrupt talent and labor markets, the statement said. Supply shortages, sanctions and rising raw material costs are increasing risks within supply chains, he said.

Clients, investors and other stakeholders focus on environment, sustainability and governance, including the physical and transitional risks posed by climate change. Each of these risks can have significant impacts, but because they are also highly interconnected, any risk can have far-reaching implications across the business and put brand and reputation at risk, PwC said.

Many leaders feel the need to revise and adapt their strategies and operating models at a rapid pace, he said. PwC said organizations should consider taking a panoramic view of risk, enabling risk-based decision-making through systems and processes, and doubling down on key risks.

“A single person cannot manage risk. When it comes to business, risk management is the quintessential team sport,” the statement quoted Krishnan as saying.

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