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Companies are exposed to many dangers due to the Corona and Ukraine crises. The advancing digitization is also a major problem for risk management. Where the pitfalls lurk and how to overcome them.
Global risks do not diminish in times of crisis. On the contrary. Whether the corona pandemic, supply chain problems, war and sanctions – companies are currently exposed to numerous threats. This has a massive impact on their risk management. Because this function has to react extremely quickly to these external influences.
So it is hardly surprising that the majority of companies have problems keeping up with digital transformations in risk management. This is the partial result of the PricewaterhouseCoopers (Pwc) Global Risk Survey, for which the auditors had around 3,600 executives surveyed in February and March 2022. Of the participants, 58 percent were executives in large companies with sales of $1 billion and more. 19 percent come from corporations with sales of $10 billion or more. Managers in Asia, North and Latin America, Europe and the Middle East and Africa were surveyed.

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The banking supervisors of the European Central Bank (ECB) still see major deficits in European banks when it comes to considering climate and environmental risks in their risk management and strategy. This emerges from a study for which the central bank had examined the handling of such dangers at 186 institutions, including 39 financial institutions from Germany. The report provides information on whether banks adequately identify and manage environmental aspects.

The ECB is observing progress at banks in considering such dangers in their risk management and in their strategy: Around 85 percent of banks are now using at least basic procedures in most areas. However, most lack more sophisticated methods and granular information on climate risks.

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