Published: 20 June 2023
Enterprise risk management’s involvement in strategic pivots contributes positively to the pivots’ outcomes. Heads of enterprise risk management can use this survey’s findings to demonstrate how they can help their organizations respond to disruptions and build resilience.
Consulting enterprise risk management (ERM) when making a strategic pivot after disruptions increases its success by 19%. Yet, only 41% of business leaders do so.
Considering multiple scenarios when developing the pivot plan and conducting scenario planning exercises to prepare for potential disruption improves the likelihood of a successful pivot by 46% and 24% respectively.
Defining triggers for when risks needed to be mitigated during the pivot’s execution improves the likelihood of successful pivots by 44%.
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