The survey also found that 73% said they have seven or more risk functions, 67% reported overlapping coverage with two or more risk functions and 50% reported gaps in coverage between risk functions. The study suggests companies update their risk management strategies by focusing on improving risk assessment, aligning risk management strategies with business objectives and coordinating risk functions.
"Departments tend to assess how risk affects them, not the entire organization," said Ernst & Young partner Tanya Khan. "Risk management needs to move out of its silo, and reach across an entire organization if it's going to work well. Companies need to ask, 'Do our efforts allow us to understand what big-picture risks might emerge 12 months from now?'"