To learn more about the current state of crisis and risk management, Bennett Jones commissioned an independent survey by Environics to understand what corporate concerns are most pressing for Canadian general counsel and senior executives at a wide range of organizations.
Ironically, the survey was interrupted by the biggest crisis of our lifetime―COVID-19.
The responses paint a surprisingly optimistic picture of crisis and risk planning in Canada, but also suggest that the landscape is constantly changing and more needs to be done to ensure that organizations remain well-prepared to deal with future threats.
To further the conversation on these findings, the Bennett Jones team hosted a 90-minute webinar to provide in-house counsel and senior management with a deeper understanding of the hidden sources of risk in complex systems and organizations and draw out insights from experienced legal and business advisors on developing, maintaining and applying crisis and risk management protocols.
Here are some of the key survey findings:
- 92% of respondents said their organization's current position on crisis and risk management is good or great. This is up from 53% pre-pandemic.
- 87% have formal written plans in place to deal with crisis situations.
- Cybersecurity is the number one area of concern and action. 95% of respondents have upgraded their defences in the past two years. 72% are extremely concerned about a breach. Many feel less prepared to deal with cybersecurity threats, however.
- Areas of concern vary by industry, as would be expected. ESG is the top future concern for primary industry (oil & gas, mining, power, renewables, etc.) and one of the top present concerns.
- 72% of respondents said that prioritization challenges are the greatest obstacle to improving crisis and risk capabilities.
- Keeping up with the pace of emerging risks is the second biggest obstacle to improvement. General counsel and senior executives remain concerned about future economic, financial, competitive, social, legal, governmental and ethical issues.