Regulatory Environment Tops List of Most Prominent Emerging Risks in Latin America
NEW YORK (May 16, 2018) — While cyberattacks ranked as the most significant emerging risk for organizations around the world, the regulatory environment in Latin America ranked highest for risk professionals in that region according to the newly released the 2018 Risk Management Benchmark in Latin America report.
Published by Marsh Risk Consulting, a part of the Marsh & McLennan Companies group, in conjunction with RIMS, the third annual study explores the risks impacting organizations in Latin America, as well as challenges associated with developing, implementing and advancing of risk management strategies within regional organizations. The report also provides a breakdown of the top risks in 10 leading Latin American countries and by economic sector.
“In an increasingly complex and interconnected world, one of the keys to capture opportunities lies in our ability to anticipate,” said Gerardo Herrera, Marsh Risk Consulting Latin America Leader. “Innovative risk management, integrated into the business strategy, not only creates value for the organization, but also allows it to transform its risks into real and sustainable competitive advantages.”
“Risk professionals throughout Latin America encounter a blend of shared and distinct challenges and opportunities,” said RIMS CEO Mary Roth. “By benchmarking risk management in the region, RIMS and the industry’s solution providers will be better prepared to deliver valuable resources that meet the specific needs of Latin America’s risk management community.”
Key findings from the survey include:
• 25% of Latin American companies have advanced levels of maturity in risk management;
• 51% agreed that cultural problems within the organizations were the leading factor challenging the implementation of risk management;
• 50% of companies in the region do not assess emerging risks;
• 55% found “lack of knowledge of key risk management concepts” to be the biggest obstacle to understanding the impact of emerging risks on strategy.
Available in three languages – English, Spanish and Portuguese – the report can be found in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge.
The results of this study are based on the responses of 294 surveys conducted through an online questionnaire between April and August 2017. Participants represented more than 10 countries in the region and 20 economic sectors.
About Marsh Risk Consulting (MRC)arsh Risk Consulting is a global risk consulting organization that offers customized and comprehensive solutions and strategies for a wide range of risks, both insurable and non-insurable. More than 800 consultants, specialized by type of risk and industry, in 40 countries, provide services to evaluate and reduce the risks of our clients and their associated costs, as well as the impact of those risks on their organization, in order to help them be successful.