At last week’s OPEN — OpenPages European Network, we conducted a survey of attendees to get a better sense of what they thought about the impact of the financial crisis on the regulatory environment and their own approach to risk management. There were some interesting results, especially when compared with those from OPUS, held 11 months prior in October of 2008.
The first question asked whether or not we’ll see new laws and regulations over corporate risk management oversight within the next year. Just over 80% said they believed that we would see new laws and regulations within the next year. What’s interesting is that almost the same percentage said the same thing almost one year ago. The difference is that we’ve seen no new laws or regulations in the past year. In other words, the expectation of regulatory reform is clearly stronger than the reality. Obama’s focus on healthcare, the EU’s debate over various reg reform proposals, and the general resistance to change are all contributing to a lengthening of the reg reform process.
Our second question asked whether the financial and credit crisis has influenced your company’s thinking and approach to risk management. 62% said yes. Eleven months ago only 46% said yes. The difference here speaks to what companies have found over the last year that suggest a revamping of their approach to risk management. Frankly, I am surprised that the number is not higher. Clearly, we all learned that very smart people can make bad decisions–isn’t that something that companies should want to control for?
Stay tuned for more results.