According to PwC, the study’s final results were based on 3,910 survey responses from business and risk management leaders (CEOs, boards of directors, risk management, operations, technology, finance, audit) across 67 regions and He stated that his views on the current situation and direction of the issue were expressed. their organization. 163 Indian organizations participated in the study.
Other digital and technology risks are also top concerns for Indian business leaders (35%).
To address this challenge, Indian organizations are making bold investments in cybersecurity, with more than half of respondents investing in cybersecurity tools (55 percent) and AI, machine learning, We plan to invest in automation technology (55 percent). According to the survey results,
To support these investments, 71% of Indian organizations collect and analyze cybersecurity and IT data for risk management and opportunity identification. 61% of organizations worldwide are doing the same.
Sivarama Krishnan, Partner and Leader, Risk Consulting, PwC India, said the 2023 Global Risk Survey not only shows that Indian business leaders are increasingly willing to take risks; “This shows that the company is also doing a reasonable job of identifying opportunities presented by
“This shift in thinking is critical to organizational progress. It not only prepares businesses to manage risk, but also to grow, build resilience, deliver results and create value for all stakeholders. It also helps in generating the benefits,” Krishnan added.
The survey found that 99 per cent of Indian business leaders are confident that their organizations can effectively balance growth and risk management, and 66 per cent of them are very confident as well. It has also become clear that there are. Globally, these figures reach 91 percent and 40 percent, respectively.
Additionally, Indian businesses see technology disruptors as an opportunity, with 69 percent of Indian executives seeing generative AI as an opportunity (versus 60 percent globally).
The survey also reveals how organizations are leveraging emerging technologies such as GenAI for risk management, with 48% of Indian companies planning to use AI and machine learning at scale for automated risk assessment and response. has been introduced. This is slightly lower than the global response of 50%.
According to the survey, 88% of Indian organizations have actively invested in building ecosystem resilience in the past 12 months to leverage the positives that come from risks and disruptions. Globally, 77% of companies have made similar investments.