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ARLINGTON, VA., JUNE 29, 2020
GARTNER RISK MANAGEMENT SURVEY SHOWS THE HIGH COST OF MISSED RISKS
THE AVERAGE $5 BILLION COMPANY INCURS DELAYS OF ROUGHLY 5 WEEKS PER YEAR IN NEW
PRODUCT LAUNCHES DUE TO MISSED RISKS, WITH A $99 MILLION OPPORTUNITY COST
A Gartner, Inc. survey of more than 382 strategic initiative leaders quantified
the cost of missing risks in strategic initiatives. For an average $5 billion
revenue company it amounts to $99 million annually in opportunity cost from
delayed new product launches alone. Initiatives where risks are not surfaced and
mitigated in a timely fashion are delayed by an average of five weeks per year.
Moreover, in a related survey of 111 emerging risk management (ERM) leaders just
6% felt that their organization’s risk response was timely during strategic
initiatives.
“These findings show that risk response usually is not timely,” said Emily
Riley, senior principal, research in the Gartner Audit and Risk practice. “But
they also show the huge cost of an untimely response. The recent COVID-19
pandemic illustrates the need for an agile response to unexpected risks.”
Gartner experts looked at how strategic initiatives performed against several
measures and how this was affected by the timeliness of risk responses (see
Figure 1.)
Figure 1: Opportunity Costs from Missing Risks
“The performance benefits of a timely risk response stand out clearly,” said Ms.
Riley. “There’s a business opportunity here because ERM leaders expressed their
desire to be more involved in supporting strategic initiative success.”
Seventy six percent of ERM heads said they wanted to increase the proportion of
their time they spend on strategic initiatives. More than half said that their
involvement should come at the earliest stages of a strategic initiative. Yet
currently just 11% feel they are involved before an initiative’s execution.
Information Roadblocks
“The problem we often see is initiative teams are not getting the information
they need to act on risks in a timely manner,” said Ms. Riley. “This is one area
where ERM teams can add value.”
This can have several root causes. Sometimes many individuals are involved in an
initiative without clear accountability to one another. There is also often a
sensitivity to candidly sharing information about threats to high stakes
projects. Another common cause is a focus on performance metrics that
overshadows forward-looking considerations.
“ERM’s role should be to connect initiative teams with subject matter experts,
to facilitate opportunities for anonymous sharing of concerns, and to develop
risk indicators that consider leading indicators of project success,” said Ms.
Riley.
Gartner clients can access the full research in Managing Risks to Strategy
Execution: Equip the Business to Sense and Respond.
Learn more about how to lead organizations through the disruption of coronavirus
in the Gartner coronavirus resource center, a collection of complimentary
Gartner research and webinars to help organizations respond, manage, and prepare
for the rapid spread and global impact of COVID-19.
About the Gartner Risk Management Leadership Council
Senior executives need actionable information to make quick decisions.
Successful organizations embed risk management into strategic decision-making
processes to help the business execute on its growth priorities. Gartner Risk
Management Leadership Council equips enterprise risk management leaders with
insights, advice and tools to better navigate high-risk growth decisions. More
information can be found at: https://www.gartner.com/en/audit-risk.
ABOUT GARTNER
Gartner, Inc. (NYSE: IT) delivers actionable, objective insight to executives
and their teams. Our expert guidance and tools enable faster, smarter decisions
and stronger performance on an organization’s mission critical priorities. To
learn more, visit gartner.com.
CONTACTS
Rob van der Meulen
Gartner
Tel +44 1784 267 892
rob.vandermeulen@gartner.com
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