2023 KPMG Chief Risk Officer Survey: HCLS Sector Insights

At a critical point of transformation, the Healthcare and Life Sciences (HCLS) sectors are confronting a spectrum of emerging risk challenges. The 2023 KPMG Chief Risk Officer Survey illuminates the pathways Chief Risk Officers (CROs) are forging to address the complexities of regulatory compliance, cyber threats, and the imperative of a solid risk and compliance culture.

Key Survey Insights:

• Regulatory and Cybersecurity Challenges: With regulatory issues and cybersecurity threats at the forefront as cited by 45% of respondents, the survey highlights the essential need for solid defenses and forward-looking strategies. 
• Strategic Alignment and Leadership Support: The survey reveals a significant push toward aligning risk management with business objectives, calling for enhanced C-suite support and staff training to cultivate a deep-rooted culture of risk awareness.
• Technological Investment: Signaling a shift toward digital transformation, increased investment in AI and ML technologies is spotlighted as a key to advancing risk management processes by 68% of respondents.
• Budgetary Trends and Priorities: An anticipated uptick in risk management budgets points to a strategic emphasis on technology-driven solutions for more efficient risk mitigation.

Sector-Specific Findings:

Distinct perspectives between the Healthcare (HC) and Life Sciences (LS) subsectors emerge, particularly in regulatory concerns and ESG risks, illustrating the need for tailored risk management strategies.

Discover Comprehensive Recommendations and Strategies:

Looking ahead, the HCLS sector faces the dual challenge of navigating immediate risks while strategically positioning for future uncertainties. How can organizations build resilience, harness technology effectively, and elevate risk management to a strategic organizational pillar?