A majority of UK senior executives admit that they do not have procedures in place to properly manage operational and strategic risks, according to a new survey by Marsh. While 71 per cent of UK companies claimed increased competition was a significant risk to their business, just 41 per cent said they had a robust mitigation plan in place to deal with this risk. In Europe, increased competition was also seen as the most significant risk, however, 51 per cent of companies are taking actions to address this, noted the research. ‘A similar survey in 2002 showed UK companies to be ahead of the game in the application of risk management,’ said Chris Lay, Corporate Client Practice Leader for Europe & Middle East at Marsh. ‘These results therefore give cause for concern.’
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