Risks faced by corporates have dramatically increased in recent years with a mixture of complex business environment and regulatory changes. In particular, large scale expansions into new and unfamiliar markets and products, financial volatility, rapid technological advances as well as frequent accounting standard changes have created unprecedented emerging risks for many organisations.
Regulators now expect companies to put in place risk management infrastructure to cope with the increased scope and scale of current and planned business activities. In addition, stakeholders demand more corporate visibility and accountability for risk management. Furthermore, many credit rating agencies now require evidence of effective governance, risk management and compliance programmes as part of their credit rating assessments.