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Ropes & Gray is pleased to share "Risky Business," a comprehensive report on trends and best practices in risk management. Based on a survey by FT Remark, a research service from the Financial Times that interviewed 300 general counsel, compliance officers and other senior-level executives at corporations across a wide range of industries, the report reveals varying degrees of legal and regulatory readiness, as well as marked inconsistencies in approach.

Among other findings, the report seeks to identify which legal, regulatory and operational risks organizations find most critical; how organizations seek to mitigate risks; how organizations evaluate exposure in target geographies; and how professionals coordinate risk management across their global enterprise. One key highlight: 57% of enterprises feel least prepared to deal with regulatory compliance risk. Other survey results include:

  • 43% of respondents believe that their current risk management policies and practices meet all of their present needs, although 69% are not confident that their current risk management policies and practices will be enough to meet future needs.
  • 28% of those surveyed say that China is the market they regard as most risky to their business overall, while 13% cite the UK as the riskiest market for their business – second highest on the list – reflecting political and economic uncertainties stemming from Brexit.
  • 48% of respondents say that risk is largely managed centrally within their organization, while the remainder say a proportion of risk is managed by each business unit. Regardless, 87% believe that greater collaboration between their risk managers would improve the overall risk profile of their organization.

As underscored by the report, businesses must continually reassess and re-examine their risk management practices to ensure that their tactics remain effective and that they are stay aware of evolving threats. To help, Ropes & Gray has launched the Ropes Risk Mitigation & Management model, a comprehensive suite of risk assessment and advisory services that offers an efficient, integrated approach for mitigating complex risks. By evaluating risk across the entire enterprise, our service enables organizations to identify, monitor, and mitigate or eliminate risks across an organization. The service focuses on the following key areas:

  • Anti-Corruption & International Risk
  • Antitrust
  • Corporate Governance
  • Health Care Compliance
  • Intellectual Property
  • Life Sciences Regulatory
  • Privacy & Cybersecurity
  • Regulatory Compliance
  • Supply Chain & CSR
  • Tax

We hope you enjoy our report, and look forward to discussing its findings with you. If you would like to learn more about how we can help you identify and manage your organization's business risks, please email R2M2@ropesgray.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.