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Though the Czech Republic is small in size, the country's businesses are growing. And according to a recent report, so is the country's awareness of professional risk management. The survey, conducted by consulting company RPIC-ViP in cooperation with the Czech risk management association ASPAR CZ, found that more than 70% of firms conduct risk management in some form.

An additional 29% do not manage their risks now, but are thinking of doing so in the future based on their experience with the current economic crisis. "Systematic risk management is less common among those who responded, with about 75% of those who do not apply risk management saying they take an instinctive approach, although more than 40% have set up some form of risk identification and about 33% have risk management systems and crisis plans."

Awareness of risk management principles is more important than ever locally, as the study found that more than half of companies have lost business and have less access to capital during recession. But despite the immaturity of risk management within the Czech Republic, the country's increasing awareness of its importance continues to push companies towards a higher level of risk assessment and avoidance.
Emily Holbrook is the founder of Red Label Writing, LLC, a writing, editing and content strategy firm catering to insurance and risk management businesses and publications, and a former editor of Risk Management.