The survey covers major companies from various economic sectors and various Russian regions, as well as several banks and companies in Kazakhstan. The questions were divided into two blocks, the first on the current state of risk management at the company, and the second on the main obstacles to the development of the risk management process. The results were compared with those of a similar analysis in 2009 in countries in Asia, Australasia, North America and Western Europe.
A number of key conclusions from the survey can be highlighted:
- Most respondents recognize the importance of having an effective risk management system.
- Companies need to “buck up” their risk management systems and to develop a corporate culture of risk management. Their risk information needs to be of better quality and used more effectively in strategic planning and executive decision making.
- Despite the economic downturn due to the financial crisis, just 14% of the companies have reviewed their risk management approach. Most of the respondents see an integrated risk management as a necessity.
- The respondents from Russia and Kazakhstan see identifying new risks as one of their lowest priorities, whereas foreign companies see it as one of the risk manager’s main tasks.
- In terms of the main obstacles to effective risk management, Western companies cite inadequate risk information (43% of respondents), inability to obtain an accurate assessment of the company's risks (36%), and ineffective risk identification, assessment and management methods (33%). The majority of the companies from Russia and Kazakhstan cited inadequate cooperation on risk management between the company's business units (57%), as well as a lack of a corresponding corporate culture (55%).
- The key internal factors driving the development of risk management are a focus on cost reduction and increased efficiency (67%), and the risk management demands of senior management (29%). Among the most significant external factors, the respondents named a deterioration in the economic situation (57%) and increased competition (37%).