Irish firms fall behind global peers in risk management

PwC survey showed under 30 out of 60 Irish respondents said they proactively take risks to create opportunities

In relation to cyber risks, just 25% are planning to upgrade critical systems so that they are more resilient against cyberattacks in the year ahead, showed the survey.

Irish companies have become more cautious about taking risks than their global peers, a new survey shows.

The PwC Irish and Global Risk survey showed under 30 out of 60 Irish respondents said they proactively take risks to create opportunities.

“Given all of the global uncertainties, risk management is becoming more challenging, amplified by the increasing pace and impact of technology change,” said PwC Ireland risk assurance leader Richard Day.

The survey also found that Irish respondents were less inclined than others to use technology to a great extent to manage risk and are not fully leveraging the technology in which they have already invested.

“The survey highlights that if organisations don’t take risks, they will not progress,” warned PwC Ireland risk leader Andy Banks.

Irish organisations have some catching up to do when it comes to building resilience and using technology and AI to aid risk management.”

Many firms may need expert tech staff to improve their resilience; however, the talent pool continues to dry up as Ireland reaches full employment.

In relation to cyber risks, just 25% are planning to upgrade critical systems so that they are more resilient against cyberattacks in the year ahead, showed the survey.

PwC’s latest risk survey is based on 3,910 responses from business and staff in risk management roles in just under 70 territories.