News & Resources

Nearly four times as many companies employ risk officers than three years ago

Jan 25, 2012 Philip Burgess

A majority of corporate executives agree that their organizations have increased focus on risk management since the recession began, according to a report released this week by Zurich Financial Services and Harvard Business Review Analytic Services. Roughly two-thirds of executives claim their organizations have ratcheted up their investment in consumer credit risk management and other speculative safeguards. More interestingly, 42 percent of respondents claim their company employers a chief risk officer, compared to only 11 percent three years ago. Forty-one percent of respondents claim they are deepening and extending ties between risk management and strategic planning. "There is no doubt that in today's challenging environment customers, shareholders and employees expect clear commitment to comprehensive and forward looking risk management from top management and board," said Axel Lehmann, chief risk officer at Zurich. The study also evaluated participants' most significant risks over the past three years. Most cited natural disasters, followed by the slow economic recovery and human resource concerns, respectively. Executives are also expressed concern about capital availability and data security.