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Risk leaders struggle to turn awareness into timely decisions
Willis Research Network data shows only 37% of respondents have an emerging risk framework, register, and management process in place.
Willis Research Network, the research arm of Willis, a WTW business, argues that many organizations already know their risk exposure, but the challenge is connecting that information to strategic decisions before conditions change, according to a Willis-commissioned report titled The Decision Advantage.
The report says the constraint on better risk decisions is rarely missing information, instead it is the failure to act on what is known in time.
In its Emerging and Interconnected Risks Survey, WRN found that about half of respondents were confident their organization could respond to today’s risk environment, while only 23% believed their strategy would remain resilient over the next decade.
The survey also showed just 37% reported having an emerging risk framework, register, and management process in place, with the report warning that when risk awareness outpaces risk management infrastructure, value can be lost before any insured event occurs.