劍橋風險研究中心-全球企業(yè)的風險管理視角（英）

CambridgeCentreforRiskStudies

CambridgeRiskFramework

RISKMANAGEMENTPERSPECTIVES

OFGLOBAL

CORPORATIONS

Acknowledgements

CambridgeCentreforRiskStudiesgratefullyacknowledges

theInstituteofRiskManagementforsupportingthe

researcheffortssummarisedinthisreport.TheCentre

isgratefulfortheexpertiseprovidedbyourresearch

team,collaboratorsandsubjectmatterspecialists.Any

misinterpretationinuseoftheadviceprovidedisentirely

theresponsibilityoftheCambridgeCentreforRiskStudies.

PaperCitation:

CambridgeCentreforRiskStudies,2018.RiskManagement

PerspectivesofGlobalCorporations.CambridgeCentrefor

RiskStudiesattheUniversityofCambridgeJudgeBusiness

SchoolandInstituteofRiskManagement.

or

Tuveson,M;Ralph,D;Copic,J;Majumdar,O;Deng,K.,2018.

RiskManagementPerspectivesofGlobalCorporations.

CambridgeCentreforRiskStudiesattheUniversityof

CambridgeJudgeBusinessSchoolandInstituteofRisk

Management.

CambridgeCentrefor

RiskStudiesProjectTeam

JenniferCopic,ResearchAssociate

KenDeng,ResearchAssistant

OliviaMajumdar,ResearchAssistant

ProfessorDanielRalph,AcademicDirector

DrMichelleTuveson,ExecutiveDirector

CambridgeCentrefor

RiskStudiesResearchTeam

JamesBourdeau,ResearchAssistant

OliverCarpenter,ResearchAssistant

DrAndrewCoburn,DirectorofAdvisoryBoard

DrJenniferDaffron,ResearchAssociate

TimothyDouglas,ResearchAssistant

TamaraEvan,ResearchAssistant

KellyQuantrill,ResearchAssistant

simonRufle，DirectorofResearchandInnovation

DrAndySkelton,SeniorRiskResearcher

AndrewSmith,ResearchAssistant

KaylaStrong,ResearchAssistant

CambridgeCentreforRiskStudies

UniversityofCambridgeJudgeBusinessSchool

TrumpingtonStreet

Cambridge,CB21AGUnitedKingdom

enquiries.risk@jbs.cam.ac.uk

WebsiteandResearchPlatform

www.jbs.cam.ac.uk/faculty-research/centres/risk

InstituteofRiskManagement

SackvilleHouse

143-149FenchurchStreet

London

EC3M6BN

UnitedKingdom

Website

TheviewscontainedinthisreportareentirelythoseoftheresearchteamoftheCambridgeCentreforRiskStudiesanddonotimplyanyendorsementoftheseviewsbytheorganisationssupportingtheresearch,orourconsultantsandcollaborators.TheresultsoftheCambridgeCentreforRiskStudiesresearchpresentedinthisreportareforinformationpurposesonly.Thisreportisnotintendedtoprovideasuficientbasisonwhichtomakeaninvestmentdecision.Thecentreisnotliableforanylossor

damagearisingfromitsuse.AnycommercialusewillrequirealicenseagreementwiththeCambridgeCentreforRiskStudies.

Copyright?2018byCambridgeCentreforRiskStudies.

RiskManagementPracticesofGlobalCorporations2CambridgeCentreforRiskStudies

Contents

ForewardfromIRM

5

ExecutiveSummary

6

VulnerabilitiesofCorporations

6

2018EnterpriseRiskManagement(ERM)SurveyResults

6

SectorConsiderationsofTopRisks

8

ExplorationofRisksthroughScenarioAnalysis

9

RiskManagementTools

9

TopMitigationStrategies

9

RoleofInsuranceinRiskManagement

9

FuturePerspectives

10

Section1:Introduction

11

Section2:ThePresentStateofGlobalCorporations

12

TheGlobalisationLandscapeforCorporations

12

GrowthofCorporations

13

VulnerabilitiesofCorporations

14

UnderstandingaCorporation’sRisks

15

Cross-CompanyRiskAggregations

15

DemandingBetterCulturesofCorporations

17

Section3:ScopeofEnterpriseRiskManagement

18

Section4:TopEnterpriseRisksFacingCorporations

19

ANetworkPerspectiveofTopEnterpriseRisks

20

SectorConsiderationsofTopRisks

21

ToPRisk#1-Financials:Revenues,proits,shareprice

22

TopRisk#2-OperationalPerformance

23

TopRisk#3-Regulatory,StandardsandReporting

24

TopRisk#4-Reputation/Brand

25

TopRisk#5-SecurityofEnterpriseIncludingCyberSecurity

27

TopRisk#6-BusinessContinuityandCrisisManagement

29

TopRisk#7-MacroEconomicandTradeFactors

30

TopRisk#8-HealthandSafety

31

TopRisk#9-Geopolitical

32

TopRisk#10-HumanCapital

33

BottomRisk#1-GenderandDiversity

34

Section5:TrendRisks

36

ExplorationofRisksandTrendsthroughScenarioAnalysis

37

ApplicationsofScenarios

37

Section6:RiskManagementToolsandProcesses

39

RiskManagementTools

39

TopMitigationStrategies

41

BudgetPrioritiesforTopRisks

42

RoleofInsuranceinRiskManagement

42

Section7:ConclusionandFutureResearch

44

AppendixA:Materials,MethodsandExpertise

46

ResearchEngagementwithSubjectMatterSpecialists

46

2018ERMOnlineSurvey

46

surveyResPondentproiles

47

AppendixB:FiveTrendsDrivingMacroChanges

52

FutureoftheDollar

52

Climate&SustainabilityRegulation

53

GrowthofLiabilityRisk

53

HumanCapital,AgingandLongevity

54

Technology,AIandRobotics

56

Bibliography

58

CambridgeCentreforRiskStudies3RiskManagementPracticesofGlobalCorporations

AbouttheInstituteof

RiskManagement(IRM)

TheIRMistheleadingprofessionalbodyforEnterpriseRisk

Management(ERM).Wedriveexcellenceinmanagingrisk

toensureorganisationsarereadyfortheopportunitiesand

threatsofthefuture.Wedothisbyprovidinginternationally

recognisedqualiicationsandtraining，publishingresearch

andguidanceandsettingprofessionalstandards.

Forover30yearsourqualiicationshavebeentheglobal

choiceofqualiicationsforriskprofessionalsandtheir

employers.weareanindependent，notforproitbody，with

membersworkinginallindustries,inallriskdisciplinesand

inallsectorsaroundtheworld.

RiskManagementPracticesofGlobalCorporations4CambridgeCentreforRiskStudies

ForewordfromIRM

Wearedelightedtohavehadtheopportunitytosupportthe

CambridgeCentreforRiskStudiesinproducingthisresearchintotheriskmanagementperspectivesofglobalcorporations.

IRMisuniquelyplacedtobringtogetherthepractical

experienceofourexpertmemberswiththerigourand

insightofferedbyglobalcentresofacademicexcellence.Thishelpsusalladvancetheunderstandingandpracticeofriskmanagementfortheultimatebeneitofindividuals,organisationsandsociety.

Aswehadanticipated,thisresearchpresentssome

challengesandalsoofferssomeguidanceforthe

profession.Thereisclearlyagrowingawarenessofrisks(andopportunities)arisingfromdigitaltechnology,

includingcybersecurity.Wehavealsonotedthereportedscarcityofpracticaltoolstohelporganisationsanalyse

andmanagesomeoftheirkeyreportedriskareas.IRMwillensurethatoureducation,trainingandprofessionalsupportevolvesswiftlytosupportthisnewenvironment.

Therearesomeinterestinglessonshereaboutthevaried

natureofEnterpriseRiskManagement(ERM)functionsintheseglobalcorporations,mostobviouslythatthereisas

yetnoacceptedviewonthemission,scopeandultimately,value,ofERM.Howeveratthesametimethereappearstobegrowingtake-upofERM-ledapproacheslikeencouraginghealthyriskcultures,trainingandsupplychaininitiatives.

Thisisaclearchallengethatreinforcesourdeterminationtospreadgoodpracticeandhelporganisationsbuild

competencytomanagetheirriskseffectively.

Wealsonotethattheseglobalcorporationsseerisktransferviainsuranceasanimperfectriskmitigationmeasure,withalackofrelevantproducts,capacityandtailoringcited

aslimitationsontheuseofinsurancewithintheirERM

programmes.Howeverthereisopportunityhereforthe

insuranceindustryandwecalloninsurerstorespondandremainrelevantbyutilisingtechnologyanddeveloping

‘insurtech’solutionsinpartnershipwiththeriskprofession.

Wearenowlookingforwardtothenextphaseofthe

researchin2019whichwilltakeadeeperlookatrisk

managementpracticesinthevaluechainsfortheenergyandretailsector.

IwouldliketothankalltheorganisationsandindividualswhocontributedtothisworkandalsotheCambridgeteamfortheirfocusedandthoroughapproach,bringingsome

newthinkingonconceptsandtechniquesintotheriskmanagementspace.

SocratesCoudounaris,

BEng(Hons)MScFCIICIPCFIRMIRMChair

RiskManagementDirector,

RGAInternationalReinsuranceCompany

CambridgeCentreforRiskStudies5RiskManagementPracticesofGlobalCorporations

ExecutiveSummary

Corporationsareavitalcomponentofaneconomy.Their

healthandwealthcanbepotentindicatorsofthebroaderstateoftherelevanteconomyandsocietyasawhole.Crisesintheprivatesectorcanprovideearlywarningindications,andoccasionallyaredrivers,ofwiderandpotentially

systemicfailures.Withinanorganisation,goodpracticesinriskmanagementservetoavoidorrespondeffectivelyto

crises,whereaspoorpracticesmaysignalweaknesses.Inthisreport,weseektobetterunderstandtheriskmanagementperspectivesandpracticesofglobalcorporations.

Theresearchpresentedinthisreportispartofthe

CambridgeCentreforRiskStudies’researchtrackon

corporateriskproiling.InpartnershipwiththeInstituteof

RiskManagement(IRM),itisinformedbyviewsfromrisk

managementspecialistsrepresentingbothprivateand

publicsectors.Thesummaryandnarrativeregardingthe

toprisksfacingcorporationsaretheresultofelicitation

throughacombinationofindividualinterviews;surveysandreal-timepollsofaudiencesatworkshopsandfocusgroups;andthein-depthonline2018EnterpriseRiskManagementsurvey.Thisexpanseofinputspaintsabroadviewof

theperceptionsofriskatcompaniesandtheirrespective

approachestoriskmanagementandmitigation.The

generalobjectivesofouroverallresearchprogrammesaretobetterunderstandcurrentviews,practicesandmitigationsofrisksatcorporationsandhowtheyareadaptingtomeetfuturechallengesandopportunities.

Thefocusandintentionofthisreportistobetter

understandtheperspectivesandpracticesofrisk

managementatglobalcorporations.Webelievethat

regulations,mandates,structures,andcodesgoverning

publiclylistedcorporationsprovidecommonalityfortheirfoundationsforriskmanagementpractices.Wealsoreferspeciicallytoglobalversusmultinationalcorporationstofocusmoreontheglobalnatureofexchanges,lows,andconnectionsversuspresenceatphysicallocationsand

sites.Webelievethechallengesandcomplexitiesofrisk

managementbroughtonbythemulti-dimensionalnatureofglobaloperationsaremuchmoresigniicantforthis

subsetoforganisations.Whilethisreportfocussesonglobalcorporations,weexpectotherorganisationsincludingthoseinthepublicsectortoindconsiderableoverlapsandvaluetheindings.

VulnerabilitiesofCorporations

Globaltradehasbeenoneoftheprincipaldriversof

economicgrowthinrecentdecades.Theworldisinastateofpeakglobalisationasmeasuredbyexportsandimportsasapercentageofgrossdomesticproductfor17industrialisednations–thelowof7.5%afterWWIIjumpedto47.2%inthecurrentperiod.However,the

currentsituationisnotguaranteedtolastindeinitely;withrenewedchallengestoglobalismcomingfromresurgent

nationalism,protectionismandrollingbackofinternationaltradeagreements.

Corporationsmustcontendwithbothinternalandexternalrisksthatthreatentheirbusinessmodels.Theyarefaced

withcontinuingandgrowingpressuresfromalargesetofstakeholdersandarekeenlyawareofthemanypotentialnegativefactorsthatcanimpactoncorporateproitabilityandlongevity.TherehasbeenareductioninthenumberofUSpubliclylistedcompaniesfrom8,000inthe1990s

to3,627in20171,andareductionfrom23publiclylistedcompaniespermillioninhabitantsin1975to11in20162.Morefundamentally,only200ofthetopcompaniesby

earningsaccountedforalltheproitsinthe2015Usstockmarket.Theremaining3,281publiclylistedcompanieslostmoney.3

2018EnterpriseRiskManagement

(ERM)SurveyResults

The2018EnterpriseRiskManagement(ERM)survey

canvassedtotheIRM(IRM)4membershipandCambridge’sChiefRiskOficer(CRO)andERMcommunities.wehad

264surveyrespondentsanswering85questionsinthe

followingcategories:Organisational/CompanyDescriptions,RoleinManagingRisk,RiskGovernanceandCulture,

RiskManagementToolsandProcesses,CrisisResponse

CapabilitiesandRiskMitigationStrategies.Thesurvey

reportsvariouscharacteristicsofrespondents’companiesandroles,withoutreferencetoindividualororganisationalidentities.Companysizebyannualsalesisreportedas

followsinigureA:

1(“CRSP-TheCenterforResearchinSecurityPrices”n.d.)2(Stulz2018)

3(Sommer2018)

4(“InstituteofRiskManagement,”n.d.)

RiskManagementPracticesofGlobalCorporations6CambridgeCentreforRiskStudies

FigureA:companyAnnuaI

saIesofsurveyRespondents

$10B-$99B

15%

$1M-$9.9M6%

companyAnnuaIsaIes(UsD)ofsurveyRespondents

$100B+6%

Under$1M10%

$1B-$9.9B23%

$10M-$99M15%

$100M-$0.99B25%

surveyrespondentsalsoreportedtheirtopivecountriesofresponsibility.ThemostrepresentedcountriesincludeUS,UK,GermanyandChina.ThesearefollowedbyAfricaandEurope,excludingGermany.

Respondentsrankedtheirtoprisksfacingtheircompaniesforatwelvemonthtimehorizonasapointofreference.

Thetopiverisksinthisyear,ssurveyinclude(1)Financials，revenues，proits，shareprice，(2)operationalperformance，(3)Regulatorystandardsandreporting,(4)Reputation/

brand,(5)Securityofenterpriseincludingcybersecurity.WenotethatGenderanddiversityriskisrankedatthebottomofrisksbysurveyrespondentsacrossallsectors.Despiteitslowprioritisation,webelieveitsgrowingvisibilitymakesit

worthhighlightinginthisreport.Seebelowforafulllistofrisksandtheirrankings.

source:cambridgecentreforRiskstudies2018ERM

survey

TopEnterpriseRisksofpotentiaIconcernforcompaniesintheNext12Months.

Financials-Revenues,profits,sharepriceOperationalperformance

RegulatorystandardsandreportingReputation/brand

Securityofenterpriseincludingcyber-security

BusinesscontinuityandcrisismanagementMacro-economicandtradefactorsHealthandsafety

Geo-politicalrisks

Humancapital

Marketshare

Financials-Debt,pensions,andobligationsLegalliabilitiesincludingtaxationCompanyviability

EnvironmentandsustainabilityNaturalcatastropheandclimateCreditrating

Other

DevaluationordamageofphysicalassetsGenderanddiversity

Index

0246810

12

source:cambridgecentreforRiskstudies2018ERMsurvey.

seeAppendixAforindexdescription

CambridgeCentreforRiskStudies7RiskManagementPracticesofGlobalCorporations

SectorConsiderationsofTopRisks

WereporttoprisksbybusinesssectorusingtheGlobal

IndustryClassiicationStandard(GICS)5.Thetopfour

enterpriserisksaredisplayedbyeachGICSsectorin

thesectorviewgraphicbelow.Thetopenterprisewide

risksareheavilyrepresentedacrossmostsectorssuchas

FinancialriskandReputationrisk.Howevercertainrisks

aresectorspeciic.AlthoughGeopoliticalriskisrelatively

lowranking(9outof10)bysurveyrespondents,sectors

suchasEnergy,TelecommunicationsandMaterialsrankit

highly.RegulatoryStandardsriskisthehighestriskforthe

FinancialsandInformationTechnologysectorsandthe

secondhighestforHealthcareandTelecommunications.

SectorViewofTopEnterpriseRisksforCompanies.

ENERGYTELECOMMUNICATIONSERVICESHEALTHCAREMATERIALS

Regulatory

standards

(24.7%)

Reputation

(24.7%)

(26.3%)

performance

(23.1%)

REALESTATE

Revenues,proits,

INDUSTRIALS

Reputation

(31.3%)

(25.7%)

Operational

performance

(23.8%)

Security(23.6%)

Revenues,proits,

shareprice

(21.3%)

Business

Continuity

(21.4%)

Revenues,proits,

shareprice

(21.4%)

Revenues,proits,

shareprice

(28.6%)

Revenues,proits,

shareprice

(26%)

Regulatorystandards

(33.6%)

Regulatorystandards

(29.5%)

Operational

performance

(27.9%)

Operational

performance

(26.2%)

Operational

performance

(28.3%)

Operational

performance

(25.2%)

Operational

performance

(19%)

Operational

performance

(20.2%)

Revenues,proits,

shareprice

Regulatorystandards(23.1%)

Regulatorystandards(24.6%)

BusinessContinuity (23.2%)

BusinessContinuity (19.5%)

BusinessContinuity (18.1%)

Legalliabilities

(20.7%)

Healthsafety

(32%)

Healthsafety(20.1%)

Healthsafety(20.1%)

Healthsafety(26.9%)

INFORMATIONTECHNOLOGY

CONSUMERDISCRETIONARY

Marketshare(22.1%)

Operational

performance

Environment(26.9%)

Geopolitical(23.1%)

Geopolitical(34.6%)

Geopolitical(24.7%)

shareprice

(29.9%)

Reputation

(25.6%)

Reputation

(27.1%)

Reputation

(21.7%)

Reputation

(23.9%)

Security(27.6%)

Security(27.6%)

Security(25.1%)

FINANCIALS

GOV&NGO

Operational

UTILITIES

Source:CambridgeCentreforRiskStudies2018ERMSurvey

5(“GICS-MSCI”n.d.)

RiskManagementPracticesofGlobalCorporations8CambridgeCentreforRiskStudies

Financials-Revenues,proits,shareprice

65%57%55%52%52%50%49%38%35%31%31%27%26%24%19%19%18%

14%

ExplorationofRisksthrough

ScenarioAnalysis

Scenarioanalysisisacommonapproachusedbymanagerstoviewtheirorganisationsinanimaginedstateandto

helpplanforuncertaintyinbothbusinessandglobal

environments.Ofthesurveyrespondents,63%report

usageofscenariosaspartoftheirbusinessriskanalyses.

Businessstresstestscenariosareprominentaspartof

businesscontinuityassessmentandtraining.Longertermorstrategicscenariosaretypicalinscenarioplanning,whichlooksattheimpactofsocietalchange,drivenbyunderlyingforcesortrends,onabusiness.Scenarioapplicationareasreportedbysurveyrespondentsaresummarisedbelow:

scenarioAPPIicationAreas

Annualsupplierrenewalandreviews

Capitalallocationsandreviews

ContentforannualreportsandviabilitystatementsInformationTechnologyinfrastructure

Insurance/reinsurancepurchasing

Operationalcapabilityandbusinesscontinuity

Preparednessplanning

Risktoleranceandappetitebenchmarking

Strategicplanningandmarketassessments

RiskManagementTools

Interviewparticipantsindicatethatappropriate

markettoolsarelimitedintheircapacitytosatisfytheir

requirementsandaddressmanyofthetoprisksfacedby

acompany.Manyriskmanagersreportthatspreadsheetsandotherself-designedtoolsaretheprimarytoolsinusetosupporttheirrequirements.Seniorexecutivesfromriskandbusinessfunctionsnotethatdifferentriskshavedifferent

timelinesandparametersforeffectivecomparisons.

Thepercentageofsurveyrespondentshavingdedicated

tools,analyticsandmodelstoaddressthetoprisksare

listedbelow.Whatisparticularlyinterestingisthelackof

maturityinthedevelopmentoftoolstosupporttherisks

thatfeatureinthetoptenlist.Frameworksandtoolsare

lackingforGeopoliticalrisks,Reputation,Companyviability,andMacroeconomicandtradefactors.

percentofDedicatedRisk

ManagementTooIsPerRiskArea.

percentwithDedicated

TooIs

RiskArea

Operationalperformance

Businesscontinuityandcrisismanagement

Healthandsafety

Securityofenterpriseincludingcyber-security

Financials–Debt,pensionsandobligations

Regulatorystandardsandreporting

Humancapital

Legalliabilitiesincludingtaxation

Creditrating

Reputation/brand

Environmentandsustainability

Companyviability

Marketshare

Macro-economicandtradefactors

Naturalcatastropheandclimate

Devaluationordamageofphysicalassets

Geopoliticalrisks

source:cambridgecentreforRiskstudies2018ERMsurvey

TopMitigationStrategies

Surveyrespondentsrankedthetop10mostimportantriskmitigationstrategiesthattheircompaniesarecurrently

planning.Thetopmitigationstrategiesincludeincreasedtrainingaroundthecompany’scriticaloperations,

balancingstaffandstrengtheningriskculture.Respondents

recommendspeciicstrategiesformitigationssuchasadjustingproductofferings,changinggeographicalfootprintofoperations,divestingbusinessunitsandmodifyingsupplychains.

RoleofInsuranceinRisk

Management

Surveyrespondentsreportlittleoverlapbetweenthe

activitiesofERMteamsandthoseinvolvedininsurance

purchasingandsuggestthereisconsiderableorganisationaldistancebetweenthetwodepartments.Descriptionsof

CambridgeCentreforRiskStudies9RiskManagementPracticesofGlobalCorporations

thelimitationsofinsuranceasaneffectiveriskmitigationsolutionrangefromthelackofrelevantproducts,

unavailabilityofappropriatescaleandabsenceof

bespokesectorspeciicinsuranceproducts.Theprocessofpurchasinginsuranceischaracterisedasbeingineficientandlackingtransparency.Liabilityinsurance,particularlynon-damagebusinessinterruption,isviewedasbeing

poorlyservedbythecurrentofferings.

Theorganisationaldistancebetweenriskmanagementandinsurancepurchasingmaybearealandcontinuingobstacleforcompaniestoconsiderthefullbasketofriskmitigationtoolsandstrategies.Intervieweesfeelthereisconsiderablehopefor‘insurtech’solutionsandgreateraccesstotechnologytobridgethegap.

FuturePerspectives

Whiletherearegrowingchallengesintheglobal

environment,improvementsinculture,automation,

transparency,modellinganddataanalyticsgivereason

foroptimism.Participantsinourresearchparticularly

highlightthecentralthemeofdisruptivetechnologyintheformofartiicialintelligence(AI)，roboticsandageneral

increaseinautomation.ReferredtobymanyastheFourthIndustrialRevolution,thisnewphaseofdevelopmentforsocietyforeseesthatartiicialintelligence(AI)willdrive

automationbeyondwarehousingandassemblylinesintotheworkforceatlarge.Thiswillrevolutioniseemployment

practicesandopportunitiesinentiresectors,indeednations.Atthesametime,thegrowthofdigitaltechnologywillcomewithunpredictablegrowthinthethreatofdisruptionor

damagefromcyberaccidentsorcyberattacks.Riskteams

atseniorlevelsoforganisationsarecalledontorecognise

andmanagetheriskofuncertaintyassociatedwiththisneworderandthechallengestoourunderstandingofprivacy,

governance,corporateidentity,andorganisationalstructures.

Belowisaconsolidatedwordcloudshowcasingresponses

fromacollectionoffocusgroupsregardingthenextwaveofchangeinriskmanagement.whileigurative，thecollectionofwordsconveystheexpanseofrisks

facingcorporationsbothintermsofidentiicationandmanagement.

NextwaveofchangefortheFieIdofRiskManagement.

Source:CambridgeCentreforRiskStudies

RiskManagementPracticesofGlobalCorporations10CambridgeCentreforRiskStudies

Section1:Introduction

TheanalysispresentedinthisreportispartoftheCambridge

CentreforRiskStudies’researchtrackoncorporaterisk

proiling.InpartnershipwiththeIRM,itisinformedbyviewsfromriskmanagementspecialistsrepresentingbothprivateandpublicsectors.Thesummaryandnarrativeregarding

thetoprisksfacingcorporationsaretheresultofelicitationthroughacombinationofindividualinterviews;surveysandrealtimepollsofaudiencesatworkshopsandfocusgroups;andthein-depthonline2018EnterpriseRiskManagementsurvey.Thisexpanseofinputspaintsabroadviewof

theperceptionsofriskatcompaniesandtheirrespective

approachestoriskmanagementandmitigation.Thegeneralobjectivesofouroverallresearchprogrammesaretobetterunderstandcurrentviews,practicesandmitigationsofrisksatcorporationsandhowtheyareadaptingtomeetfuture

challengesandopportunities.

Thereismorepubliclyavailabledataoncompaniesinthe

USandEuropethanotherregionsandliteratureandmediacoverageofbusinessactivitiesandreportingintheseregionstendtofollowsuit.Likewise,thedataandanalysisinthis

reporthasgreaterfocusonsectorsandcompanieslocatedintheUSandEurope.Thisreportaddressesinsurancerelatedriskmanagementwhereappropriatebutisnotaninsurancefocussedviewofriskmanagement.

Thefocusandintentionofthisreportistobetterunderstandtheperspectivesandpracticesofriskmanagementat

globalcorporations.Webelievethatregulations,mandates,structures,andcodesgoverningpubliclylistedcorporationsprovidecommonalityfortheirfoundationsforrisk

managementpractices.wealsoreferspeciicallytoglobal

versusmultinationalcorporationstofocusmoreonthe

globalnatureofexchanges,lows,andconnectionsversus

presenceatphysicallocationsandsites.Webelievethe

challengesandcomplexitiesofriskmanagementbrought

onbythemulti-dimensionalnatureofglobaloperationsaremuchmoresigniicantforthissubsetoforganisations.whilethisreportfocussesonglobalcorporations,weexpectotherorganisationsincludingthoseinthepublicsectortoind

considerableoverlapsandvaluetheindings.

Thebroaderobjectiveofthisresearchistobetterunderstandhowcorporationsareadaptingtheircurrentviewsand

practicestomeetfuturechallengesandopportunitiesinriskmanagement.Thisreportreviewsthatjourneybypresentingacollectionofperspectivesofriskmanagersasadded

narrativestothequantitativeanalysisofthedatacollectedfromthe2018ERMsurvey.ThesurveywasadministeredtotheIRM(IRM)6membershipandCambridge’sChiefRisk

Oficer(CRO)andERMcommunities.Theaimsofthisreportarethefollowing:

?Reviewtoprisksconcerningglobalcompaniesas

synthesisedfromsurveyrespondentsandexpert

interviews;

?Reportonviewsofglobalcompaniesinre