New Study Paints Optimistic Picture of Crisis and Risk Planning In Canada
A recent study conducted by Environics Research for Bennett Jones found that 92% of Canadian general counsels and senior executives rate their organizations’ current position on crisis and risk management to be good or great, a significant increase from the pre-pandemic level of 53%.
The research paints a picture of companies that are coping with increasing uncertainty and a surprisingly broad range of threats
The overall study findings suggest that crisis and risk planning in Canada is currently well-positioned, but that more needs to be done to ensure that organizations remain well-prepared to deal with future threats.
“The research paints a picture of companies that are coping with increasing uncertainty and a surprisingly broad range of threats,” explained Rob Stel, Environics Research VP of Financial Services. “However, in the face of these challenges, companies are doing a good job of adapting, and despite the fact that barriers and concerns continue to exist, they remain surprisingly optimistic.”
Key findings from the study include:
- 92% of respondents said their organization’s current position on crisis and risk management is good or great; this is up from 53% pre-pandemic.
- 87% have formal written plans in place to deal with crisis situations.
- Cybersecurity is the number one area of concern and action: 95% of respondents have upgraded their defences in the past two years; and 72% are extremely concerned about a breach. Many feel less prepared to deal with cybersecurity threats, however.
- Areas of concern vary by industry, as would be expected. ESG is the top future concern for primary industries (oil and gas, mining, power, renewables, etc.); and is also one of the top present concerns.
- 72% of respondents said that prioritization challenges are the greatest obstacle to improving crisis and risk capabilities.
- Keeping up with the pace of emerging risks is the second biggest obstacle to improvement. General counsel and senior executives remain concerned about future economic, financial, competitive, social, legal, governmental and ethical issues.
A detailed infographic is available to summarize the study results.
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