Firms accused of using tick box approach to risk management

Businesses are failing to appreciate the value of risk management as anything other than a necessary compliance function

Half of Australian businesses fail to implement effective risk management programmes, preferring instead the “tick box” approach to comply with regulatory requirements. Maurice Pagnozzi, a partner of KPMG Asia Pacific, will tell the Risk Management Institution of Australia annual conference, to be held in Melbourne in November, that risk management needs to be part of a cultural change in organisations to create value for firms and should be more than a compliance process.