PWC – Global Risk Survey, 2023

PwC's Global Risk Survey 2023 explores how organizations are changing their approach to risk by utilizing technology and data to create opportunities and valuable outcomes. The survey, which involved 3,910 business and risk leaders across various sectors, including technology, operations, finance, and risk and audit, shows that technology is increasingly playing a crucial role in effectively mitigating and managing downside risks. The survey emphasizes that in today's rapidly changing world, where the risk environment is no longer benign, taking risks intelligently is vital for organizations to adapt and reinvent themselves, both to protect and create value. Technology and growth-oriented opportunities are key components of this intelligent risk approach. The survey also reveals that the transition to new energy sources is viewed as the biggest opportunity among external disruptors, followed closely by changes in customer demand and preference. On the other hand, supply chain disruption is seen more as a risk than an opportunity. Different industry sectors have varying risk appetites, with fast-moving sectors like retail and technology more likely to embrace risk and seek opportunities. Regulatory-driven sectors such as government and pharmaceuticals tend to prioritize compliance and risk avoidance. Furthermore, the survey highlights that different functions within an organization, such as finance roles, may prioritize risk avoidance over a high-risk appetite. The results of the survey shed light on the evolving perceptions and strategies surrounding risk management in the face of technological advancements and a rapidly changing business landscape.