Corporate executives see strategic risks as a result of technological changes — from big data and cloud computing to social media  — according to a global Deloitte survey in 2013.

Deloitte queried more than 300 executives, risk managers and board members — 81 percent said their strategic-management focus has evolved with technology. Their companies have at least $1 billion in revenue.   

Their key strategic concerns are no longer in human resources or innovation. “…companies are making a deliberate effort to improve their strategic risk management capabilities and performance,” according to the study.


To protect company value, their new tech concerns:

—  Social media (47 percent)

— Data mining and analytics (44 percent)

— Mobile applications (40 percent)

— Cloud computing (38 percent)

— Cyber attacks – 36  percent

Why? Information and negative opinions are more difficult to manage. Forty percent cited reputation risk.

The executives think they’re progressing in this regard, but almost 40 percent said more needs to be accomplished.

Four risk categories

Deloitte identified four risk categories: 

1. Strategic risks are risks that affect or are created by an organization’s business strategy and strategic objectives. 

2. Operational risks are major risks that affect an organization’s ability to execute its strategic plan. 

3. Financial risks include areas such as financial reporting, valuation, market, liquidity, and credit risks. 

4. Compliance risks relate to legal and regulatory compliance. 

From the Coach’s Corner, related content: 

Risk Management – Making Best Decisions, Using Right Tactics — To prevent a crisis from interfering with the continuity of your business, you must strategically plan to manage any potential risks. That means avoiding the classic mistakes routinely made by companies, and making the right decisions for proactive measures to minimize any dangers. 

How to Avoid Failure in Risk Management and Strategic Planning — Incredible as it might seem, companies fail because they underestimate strategic risks – yes, strategic blunders instead of common sense – according to an authoritative study. Instead of studying the successes of companies, Booz & Company consultants took the opposite approach in a 2012 study.

Best Practices to Capitalize on Business Intelligence — A large number of business intelligence (BI) users admit they don’t effectively use it to identify and create opportunities for sustainable growth, according to a study. Their honesty isn’t surprising, but the high level of misused BI is. 

Why Companies Stay Successful When Others Fail — There’s a common thread among companies that succeed long term. A Stanford University professor calls the reason “organizational ambidexterity. 

Thought Leadership — Why Companies Hire Management Consultants — Companies want knowledge. A good idea can be worth $1 million and more. That’s why companies hire thought leaders. It’s also why you see many consultants position themselves as thought leaders and give away free information in how-to articles or studies, which lead to books, seminars and being quoted in the media.

“Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.” 

-Albert Einstein


Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.