The survey took the views of more than 200 board members and top executives across a wide variety of industries. It asked them to rate a list of twenty risks their organizations expect to face this year.
Regulatory changes and heightened regulatory scrutiny narrowly beat out global economic conditions as the chief cause of concern. I asked Protiviti CEO Joe Tarantino how he advises clients to manage regulatory risk.
“We tell them to be prepared, to be informed, to make sure that they have the right talent to anticipate the changes that are coming, and to really get all of the relevant parties in the organization involved in embracing and understanding the implications of the change on their business. Because at the end of the day, it’s the protection of their reputation that’s at stake.”
The survey found concern about the regulatory environment was highest in the financial services sector, followed closely by healthcare.
[Correction 03/20/2013: Protiviti’s CEO is Joe Tarantino. An earlier version of this story incorrectly referred to him as John.]