Risk Management Becoming More Strategic

KATY, Texas, Feb. 16, 2017 /PRNewswire/ -- An international survey of more than 1,500 professionals conducted by DNV GL - Business Assurance and the research institute GFK Eurisko shows that companies considered to be "leaders" are thoroughly invested in risk management from the highest levels of the their organizations. The study also shows that at least half of all companies take risk management seriously, and suggests that risk management will take a bigger role as a tool for business growth, not just avoiding problems.

The survey shows that companies that have implemented risk management strategies are primarily driven by: a need for compliance (71%); company policy (64%); demands from customers (63%); financial benefits (55%). Larger companies with more than 1,000 employees naturally have a stronger focus on risk management than smaller organizations, with 77% stating they have a dedicated risk management team. Of the companies surveyed, 45% plan to increase their investment in risk management over the next three years.

"Risk management is not a new concept, but is being embraced in new ways by successful organizations to support growth," says Luca Crisciotti, CEO of DNV GL – Business Assurance. Taking a broader view of traditional risk management helps companies detect upside risk and take advantage of business opportunities."

Most respondents (81%) think that basing their management systems on a structured risk management approach will bring added value to the organization and its stakeholders.

This finding becomes more useful to everyday business operations as ISO, the leading global standards organization, rolls out new versions of its ISO 9001 and ISO 14001 standards for quality management and environmental stewardship. Both contain greater requirements for considering stakeholder needs (not just the company's near-term business targets) and defining upside opportunities as part of the risk management process.

The survey was conducted in September 2016. It involved 1,563 professionals who work at companies in the primary, secondary and tertiary sectors across different industries in Europe, North America, Central & South America and Asia. The sample consists of DNV GL's customers and is not statistically representative of companies worldwide: 26% of the firms involved employ fewer than 50 people; while 52% employ 50-1,000 people, and 22% employ 1,000 or more.

For a full copy of the survey and findings, visit the report web site.

About DNV GL – Business Assurance

DNV GL is a world-leading certification body. We help businesses assure the performance of their organizations, products, people, facilities and supply chains through certification, verification, assessment and training services. Partnering with our customers, we build sustainable business performance and create stakeholder trust. DNV GL operates in more than 100 countries. Our professionals are dedicated to helping our customers make the world safer, smarter and greener.

Contact:
Faith Beaty, DNV GL
(281) 396-1757
[email protected]

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SOURCE DNV GL