Governance Institute Risk Management Survey Report 2020: Insights into the risk landscape

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  • New survey reveals almost 40 per cent of businesses are not regularly testing their risk and crisis plans.
  • Compared to the findings in the previous survey, the risk management function is more visible and has a higher profile.
  • COVID-19 pandemic has exposed gaps in the crisis management and business continuity capabilities of both businesses and governments.

At the beginning of March 2020, Governance Institute of Australia, in partnership with PKF, carried out a survey of governance and risk professionals operating in the Australian market at that time, to identify the key pressure points for them both now and into the future. 

The survey received close to 400 responses and identified areas that respondents felt they were prepared for and those they felt exposed to. Offering valuable insights into the risk landscape, the survey has revealed that almost 40 per cent of businesses are not regularly testing their risk and crisis plans — leaving them exposed and under-prepared for major crisis. The survey was conducted just as the enormity of COVID-19 was becoming apparent, but even then, some respondents were beginning to manage this risk.

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