UK Businesses more aware of risks but still overlooking key business perils

August 2004
Management Services;Aug2004, Vol. 48 Issue 8, p4
Academic Journal
This article discusses the results of a survey from the Grant Thornton International Business Owners Survey, which revealed that in comparison with the global and European Union (EU) average, Great Britain shows a certain level of sophistication with its management of key business perils, but still appears to overlook a number of fundamental risk factors such as loss of key personnel and major clients. The survey asked business owners whether they had formal mechanisms for dealing with key issues such as loss of key personnel, loss of customers, major information-technology (IT) failure, regulatory changes, and others. Overall, Great Britain featured above average in most categories, and appeared particularly strong in relation to having risk management strategies in place to deal with IT failure. The average number of British companies that declared themselves ready to deal with regulatory changes was above the EU and global figure, but behind the U.S., Hong Kong and Indonesia, which topped the chart. Furthermore, while certain levels of British preparedness to deal with risk look impressive in comparison with global or EU averages, some figures are irregular when viewed on a regional level.


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