Tech Advances Transform Business, but Risks Grow
The rapid pace of technological change is generating greater pressures and risks, according to a new report from PwC. The consulting firm's "Annual Global CEO Survey" found that 81 percent of CEOs cited technological advances as the trend that will most transform their business over the next five years. That's the good news. The bad news uncovered by the survey is that traditional risk management systems have not evolved fast enough to monitor, track and manage today's intensified risk climate, thereby exposing organizations to critical gaps in risk management. Yet, at the same time, some "risk leaders" are taking steps to stay ahead of the curve. "In response to dynamic shifts in the market, organizations across all sectors are undertaking dramatic business transformations, altering their strategies and driving radical internal change," noted Dean Simone, leader of PwC's US Risk Assurance practice. "Risk management is about sustainability—making sure the odds favor the company's survival." Here are some of the key findings from the report, which gauges the thoughts, attitudes and actions of 1,940 executives in 37 countries.