IDEA Risk It s everywhere and takes many forms Resilience requires defending against all types of risk But how should CFOs prioritize their risk management investment study discovered that two thirds 66 percent of the organizations suffered an equipment failure and just one third 34 percent were prepared for it By having plans in place to deal with such business disruptions the pre pared CFOs remained resilient Data breaches or cyber attacks Cyber risk is a relative newcomer to the risk management world and organizations are just beginning to get their arms around it As business increasingly relies on the inter net for everything from communicating with customers to operating essential equipment opportunity for a cyber attack with pro found consequences increases This study revealed that just under a quarter 24 per cent of CFOs were prepared for the cyber attack or data breach they faced while 59 percent had no plan in place to recover from this growing hazard Natural disasters Natural disasters have forever wreaked havoc upon the world And scientific research suggests that due to climate change major weather events are increas ing in frequency and magnitude Natural disasters were behind the interruption of business operations of more than half 52 percent of CFOs surveyed and just a third 33 percent of them had been prepared for the wrath Most of the participating CFOs 68 percent believe their revenues will be more vulnerable due to operational risk and most 58 percent also fear that managing risk may prevent them from attaining their rev enue targets However fewer than half 41 percent of those surveyed plan to focus on preventing operational risk and a compara ble number 38 percent consider efforts CFO STUDY RESULTS How many CFOs were prepared for the hazards they faced To get insight into the risk manage ment practices of chief financial officers CFOs FM Global conducted a study titled Finance s Role in Operational Risk Management CFO Research on Building a Resilient Company One hundred CFOs managing the risks of organizations valued between US 500 million and US 10 billion in a variety of industries responded to the study The results illustrate how CFOs have been affected by risk loss and how many plan to become more resilient in the future How prepared were the CFOs for the array of risks including new and recurring hazards Equipment failure There is no doubt that highly sophisticated equipment improves productivity that is until that equipment fails to operate This 24 REASON ISSUE 1 2017

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