You would think that risk management is now front and center for all companies following the global financial crisis. Think again. According to analysis from the Economist Intelligence Unit, most companies don't want to make any significant financial investment in their risk functions or to integrate risk management into the heart of their day-to-day activities and culture.
The EIU research shows that most fail to involve risk functions in key business decisions. Only four out of 10 say they expect risk managers to provide analysis to help management set corporate strategy. And instead of helping business managers to achieve their objectives, the risk manager's job appears to be taken up with compliance, controls and monitoring.
Companies would say they don't have the cash now to put into risk management. But the findings suggest that risk management will become even less significant when the good times return.
And that means the next financial crisis will create even more devastation and destroy more businesses.
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