Across industries, organizations are facing more threats and operating in an increasingly complex risk landscape. Risk functions are balancing pressures to protect against a plethora of fast-moving changes and risks across the business landscape, while also preparing for increased regulation. But today’s risk leaders are being asked to do much more than purely back-office compliance. The pressure is on now to align the risk strategy to the growth strategy and enhance overall trust and resilience.
This report sheds light on how enterprise risk functions are balancing transformation strategies and initiatives around their priorities to better navigate shifting pressures, take advantage of the latest digital trends, and effectively meet the demands of a new unfolding reality.
The KPMG 2023 CRO Survey draws on perspectives from 390 Chief Risk Officers (CROs) representing the largest companies across six industries. Learn what CROs are thinking and gain next-step knowledge from KPMG action plans.
Key Insights
Biggest challenges for organizations within the next 2-5 years
42 percent of respondents perceive regulatory changes as the most significant challenge their organization will face in the upcoming years emphasizing a needed focus on proactive planning.
Most effective strategies for aligning risk objectives with business goals
Half of respondents seeing training as a key activity, underscoring the importance of properly trained employees.
Budget allocation for risk management efforts
54% see their budgets increasing by 5.1% to 10% over the next 12 months.
Stakeholders driving the most pressure on risk management
External forces like government agencies and investors inflict the most pressure and have heightened expectations.
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