Findings from PwC’s Global Risk Survey 2023

Enterprise risk management: From threat to opportunity

Business leaders are aware their organizations face increasingly complex and interconnected risks. What’s less obvious is how to find the right way to navigate those risks, build resilience and create opportunities and value out of risk.

Our Global Risk Survey 2023 explores how leading organizations are changing the way they see risk by adopting a human-led and technology-powered mindset. For this year’s report, we surveyed 3,910 business and risk leaders—including 121 in Canada—from the boardroom and C-suite, across tech, operations and finance, as well as risk and audit.

The results reveal that technology is playing a significant role in shaping a company’s exposure to risk. But technology is also helping organizations assess and mitigate risks more effectively and respond dynamically in the face of disruption

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Key insights for Canadian business and risk leaders

France-Anne Fortin, PwC Canada’s National Enterprise Risk Management and Operational Resilience Leader, shares more about this year’s Global Risk Survey and its takeaways for Canadian executives.

Reimagining your risk management processes

Our survey found notable gaps in how organizations approach risk. But our analysis also revealed several actions organizations can take to turn risk into an enabler of change and growth:

Many respondents are still at a relatively early stage of maturity in their use of technology and data for managing risk. Just 13% of Canadian organizations (10% globally) are using advanced and predictive analytics, cutting-edge tech and data for managing risk and are continuously refining and innovating.

Approaching risk with a clear and authentic purpose can help guide organizations when deciding which risks to embrace or avoid. But barely a third (34%) of Canadian respondents (32% globally) strongly agree that their organization uses its purpose and vision for the future to make decisions about risk.

The right workforce strategy can help your risk function, leadership and wider business collaborate in new ways and align around growth mindset behaviours. Yet only 26% of Canadian respondents (25% globally) strongly agree that their organization has a safe-to-fail culture in which employees feel they can experiment and adapt to different circumstances and events.

Are you ready to change the way you see risk?

PwC’s Global Risk Survey 2023 report analyzes how top-performing organizations align their navigation of risk with business strategy to achieve a greater range of outcomes and value.

Read the full report to learn more about the shared characteristics of these top-performing organizations and to benchmark your own ambitions and approach to risk.