Global Corporate Survey 2023: Risk Management Budgets, Priorities & Tech Preferences

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Executive Summary

This report, based on findings from the inaugural 2023 Verdantix risk management global corporate survey of 200 organizational risk leaders, provides a benchmark of risk priorities and strategies against a set of global peers. Risk management software and service suppliers can use the study to align product strategy with the evolving demands of buyers across industries and geographies. The data were gathered via telephone interviews with corporate executives across nine regions, representing 14 major business verticals. The report finds that there exists a growing recognition of ESG risks and their influence on firms' overall risk management strategies. However, there is a lack of consistency in risk governance and ESG management, and little consensus on associated ESG risk materiality, across both firms and industries. As these emerging risks gain prominence, firms are investing more in technology and service providers, to help them understand and manage the complex ESG risk landscape and to shore up organizational resilience.

Table of contents

Global survey reveals corporate risk management strategic priorities
Global survey features insights of 200 risk executives across geographies and industries
Firms recognize the impact of ESG-related risks, but are lagging in evaluating and controlling these
ESG risks lack consistent management strategies and responsibilities across the broader corporate landscape
ESG and sustainability are making their way to the forefront of material risks for organizations
CROs face increased pressure as firms encounter an ever-growing range of material risks
Climate change presents a complex and multifaceted risk to firms’ operational, financial and strategic goals
Firms are investing in technology and service providers to manage the emerging complexity of the ESG risk landscape
Global ESG impacts and disruptors drive firms to invest more in their risk management tools and strategies
Firms are turning to technology to support their risk management processes

Table of figures

Figure 1. Survey respondents represent nine core geographical regions
Figure 2. Survey respondents represent industries with varied business models
Figure 3. Risk management governance lacks consistency across industries
Figure 4. Dedicated risk executives and functions are not the global standard
Figure 5. Risk decisions are typically made across a variety of organizational structures
Figure 6. Firms see increased push towards full implementation of ERM frameworks
Figure 7. Strategic risk management decisions involve varied stakeholders across an organization
Figure 8. Firms make headway in incorporating ESG and sustainability risks in their risk management processes
Figure 9. ESG and sustainability ranks among the most pressing organizational risks
Figure 10. Firms’ sentiment reflects growing materiality of ESG risks in the near term
Figure 11. Firms’ risk priorities are reflected in a range of emerging risks
Figure 12. Firms lack consensus on the overall impact of physical climate risk on their assets
Figure 13. Firms lack understanding of financial impacts from climate-change-related transition risks
Figure 14. Geographic pressures related to ESG risk and climate change are key drivers of spend
Figure 15. Risk and C-Suite functions are key decision-makers for risk-based consulting projects
Figure 16. Risk management technology deployment is commonly fragmented
Figure 17. Climate risk, ESG reporting and GRC software will see strong investment growth
Figure 18. Risk and technology business units commonly collaborate on risk digital strategy

About the author

Bill Pennington

VP Research, EHS & Risk Management
Bill is the VP Research for the Verdantix EHS & Risk Management practices. His current agenda focuses on understanding the evolution of EHS and enterprise risk management, evaluating emerging strategic risks and benchmarking technology buyers’ budgets, priorities and preferences globally.

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