Risk on the Rise: a Snapshot of Business Risk in New Zealand’, looks at risk management in the public, private and not for profit sectors and reveals that only 6% of respondents feel that their organisation faces less risk than 12 months ago. This is exacerbated by the perception that the velocity of risks is also increasing; 52% of organisations surveyed said that the risks they face are occurring more rapidly than 12 months ago.
The top three front of mind risks that survey participants think they’ll face over the next 12 months are reputational, cyber and regulatory. In New Zealand alone, the National Cyber Security Centre states that 190 security incidents were reported for the 12 months to June 2015. This could be part of the reason why organisations have invested more in risk management, both in terms of budgets and tools such as risk management software.