Risk teams still sidelined despite growth role expectations, study says

Most businesses expect more from risk functions but involve them only after plans form.

Singapore businesses increasingly expect risk management to help drive growth, but most still involve risk teams only after commercial decisions have begun to take shape, according to a study by insurance firm Coface.

The Risk Management: From Risk Control to Growth Engine study found that only 16% of organisation involve risk teams at the idea stage of a project, below the global average of 24%, and with 36% bringing them in only when the potential risk becomes significant.

At the same time, 52% of respondents expect risk teams to become strategic partners that help unlock growth over the next three to five years.

Currently, only 30% see risk teams playing that role.

The survey also found that 70% of organisations in Singapore said the need to pursue growth often conflicts with the need to manage risk, compared with 62% globally.

Grishma Kewada, chief executive and country manager of Coface Singapore, said involving risk teams earlier and supporting them with relevant risk intelligence can help businesses assess opportunities, identify workable conditions, and make decisions with greater confidence.

The study also highlighted growing demand for technology to support risk management.

About 92% of Singapore organisations said they want AI-driven insights and early warning signals to identify potential risks, compared with 80% globally.

Internal processes remain another challenge. Around 32% of respondents cited risk aversion as a barrier to growth, whilst 28% pointed to slow decision-making.

Businesses are also looking beyond their own organisations for support.

Whilst 34% currently use predictive analytics internally, 70% expect predictive insights from external partners.

Another 70% want partners to help identify more business opportunities, whilst 66% value access to external market intelligence.

The findings are based on a survey of 1,250 senior risk and finance decision-makers across 13 markets, including 50 respondents in Singapore.

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