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1、Global ESG,Compliance,and Risk Report 2023Mature Risk Management in Uncertain Times November 2023 By Julia Gebhardt,Katharina Hefter,Juliane Butters,Eva Kalteier,Matteo Coppola,Bernhard Gehra,Thomas Pfuhler,Jeanne Kwong Bickford,Abhinav Bansal,and Pierre Roussel1 GLOBAL ESG,COMPLIANCE,AND RISK REPOR
2、T 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESMature Risk Management in Uncertain Times In this report,we look at the current status of risk manage-ment in industries outside the financial sector and review the principal findings from an extensive survey of senior executives across industries glob
3、ally.Crucially,we then set out the practical measures that companies can take to move from aspiration to achievement in risk management.The main conclusions of our report are as follows:Companies that had already put in the hard work to cultivate mature risk management emerged from these crises conf
4、ident and relieved that they had done so.Indeed,these companies paths through the crises were altogether smoother than for rivals that had not brought their risk management capabilities to the same level of maturity.The difference was stark.While almost three in four companies(71%)with mature risk m
5、anagement capabilities agree that these capabilities helped to miti-gate the many potentially negative consequences of the crises,only around half as many(37%)with less-devel-oped risk management reported the same thing.When it came to the crunch,investment in risk management materially paid off.Our
6、 BCG survey also gets to the bottom of what mature risk management actually means in practice.To suc-ceed in periods of intense crisis,risk management rests on a crucial interplay:a strong strategic foundation in combination with effective operative implementation.A corporate center first sets the o
7、verall strategy,and then the various business units and subsidiaries bring it to life,firmly integrating risk management into the culture and everyday processes of the whole organization.In companies with mature risk management,there is close and constant cooperation between the center and the outly
8、ing entities.Indeed,more than half of top performers(58%)state that the influence of the strategic risk management team at the center of the organization was a success fac-tor during this period of crises.Next in the list of impor-tance came embedding risk management into strategy and planning proce
9、sses(46%),and data and analytics(also 46%).The latter finding supports the belief that the analysis of data collected by the organization,together with AI,and generative AI in particular,are essential elements of an advanced risk management capability.For leaders and startersthose already equipped w
10、ith mature risk management and those with still some way to go,respectivelyvery different challenges lie ahead.Starters can certainly learn much from the path already taken by leaders.But first,they need to focus on fixing the basics,such as securing buy-in from senior manage-ment to make risk manag
11、ement a priority.For leaders,the maturity of their risk management inevitably re-quires them to maintain more developed frameworks and processes.While starters are still exclusively directing their atten-tion within their organization,leaders are also paying close attention to the external environme
12、nt and its emerging risks,such as the rapid growth of regulatory scrutiny.Starters urgently need to make progress in mov-ing to the next stage of maturity to derive the full benefit of risk management revealed in our survey.This report sets out how they can do just that.The COVID-19 pandemic and the
13、 outbreak of war in Ukraine have tested risk management capabilitiesin particular,in industries outside the financial sectoras never before.The torrent of challenges they posed proved too much for some companies,while others emerged strengthened and renewed.What exactly were the top-performing compa
14、nies doing right during these crisesand what can the rest learn from them?BOSTON CONSULTING GROUP 2Introduction:Industries Outside the Financial Sector Arrive Late to the PartyRisk management has long-standing roots within financial institutions,where it has played a vital role in preventing crises
15、or alleviating their most damaging effects.The avalanche of regulatory requirements in the wake of the 2008 financial crisis forced these institutions to take their risk management to a yet more advanced stage,leading to increased sophistication and a wave of innovation.Outside the financial sector,
16、however,risk management has taken longer to establish itself and mature.This has been partly due to a comparative lack of clear regulatory requirements.Another reason is the greater difficulty in quantifying nonfinancial risks,and therefore in building the requisite quality of database.However,recen
17、t crisesnamely,the COVID pandemic and the Ukraine warhave turned an unprecedented spotlight on risk management outside the financial sector.The many risks resulting from these volatile situations,such as supply chain disruption,increased cyberattacks,or the potential expropriation of assets,have sev
18、erely tested the resilience of companies worldwide.Our survey investigates the current status of risk manage-ment and the role it played in helping companies through these turbulent conditions.It confirms what financial institutions have experienced in the past:mature risk management is vital for wi
19、thstanding crises as they hap-pen,but also for preparing organizations to anticipate and handle those of the future,such as the escalating volume of regulation on environmental,social,and governance(ESG)topics and the potential ramifications of noncompli-ance.The survey garnered responses from senio
20、r executives at 150 companies of various sizes,in different industries,and from all over the world.Almost all the companies are from outside the financial sector.(The breakdown of respon-dents is shown in Exhibit 1.)Source:BCG analysis.Exhibit 1-Our Findings Are Based on Feedback from 150 Companies4
21、7%21%32%RegionsParticipantsCompany size(#FTE)Company revenueIndustriesIndustrial goodsEnergyHealth careOtherITConsumerInsurance and diversified financials15%15%8%3%15%18%5%14%36%22%23%26%21%C-suiteLess than 5005002,0002,00010,00010,00050,00050,000VPDirector$5 million$5 billion$5 billion$10 billion$1
22、0 billionAssociate director23%51%5%40%1%5%39%15%3 GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESCrisis Spotlight:Principal Findings on Impact of Risk ManagementThe survey results clearly show that risk management was an essential factor in companies resilience a
23、nd success in times of crisis.Importantly,when risk management has progressed to a certain level of maturity,its value escalates.Almost three in four(71%)respondents from companies that boast high maturity agree that it has helped mitigate the worst effects of recent crises,whether military conflict
24、,pandemic,or a blockage in the supply of semiconductors.However,only 37%of companies with a low level of maturity say the same thing.(See Exhibit 2.)Higher maturity allows companies to respond to local challenges in ways that are appropriate to a given country or region.A high level of maturity gran
25、ts flexibility,allowing compa-nies to respond to local challenges rather than applying identical solutions across the board,even when they are not appropriate to a given country or region.The value of mature risk management was most keenly appreciated in larger organizations.As their supply chains a
26、re more intricate,any relevant interruption creates more complex challenges that demand more sophisticated,comprehensive,and structured risk mitigation.Moreover,given their greater resources,these companies were more likely to have already had mature risk management in place at the onset of these cr
27、ises.As Exhibit 3 shows,the perceived importance of risk man-agement at times of crises increases with the value of the company.Indeed,companies are much more likely to“strongly agree”with this notion when they are worth more than$10 billion.What Top-Performing Companies Did Differently During the C
28、risisWhat are the main lessons companies can learn from the experience of top performers during recent crises?A key conclusion of our study is that companies that had already formed a central strategic risk management team and had integrated risk management into their overall strategy and planning p
29、rocess were more likely to with-stand the effects of crises.When asked what helped them to survive the challenges,top performers were most likely(58%)to cite the formation of a strategic risk management team at the corporate center.Next in order of importance came embedding risk management into the
30、strategy and planning process and the intensification of data analytics,both with 46%.(See Exhibit 4.)These findings confirm that the strategic and operative aspects of risk management must work closely in tandem to achieve the best results.In times of global crises and in complex company structures
31、 especially,a central team first needs to lay a strong strategic foundation.Source:BCG analysis.Exhibit 2-A Highly Mature Risk Management Is Key to Navigating Through CrisisDid risk management contribute to mitigate implications of this crisis/pressure?37%71%Agreement of companies with high maturity
32、Agreement of companieswith low maturityBOSTON CONSULTING GROUP 4Source:BCG analysis.Exhibit 3-Complexity Requires Maturity:The Bigger the Company,the Higher the Need for More Sophisticated Risk ManagementDid risk management contribute to mitigate implications of this crisis/pressure(pandemic,Ukraine
33、 war)?Assets of$500 million$5 billionStrongly disagreeDisagreeNeutralAgreeStrongly agree50%72%80%Assets of$5 billion$10 billionAssets of$10 billion14%34%42%8%24%4%64%8%5%13%46%36%2%Source:BCG analysis.Exhibit 4-Global Crises Requires a Shift Toward Centralizing and Integrating Risk ManagementRisk ma
34、nagement changes that helped to succeed in crisis(top performers only)58%46%46%38%35%31%31%27%27%19%15%0%Centralizing risk management activitiesinto strategic risk steering teamEmbedding risk management intooverall strategy and planning processIntensifying the use of data and analyticsReorganizing r
35、isk management functionsto different departmentsBuilding internal sensing skills andculture to recognize risks earlyQuantification of all risks(including nonfinancial)Performing scenario analysis across risktypes based on central assumptionsStrengthening oversight andharmonizing approach to subsidia
36、riesInvesting in talent(e.g.,cybersecurity)Decentralizing operativerisk managementOtherRisk management cycleRisk governance and organizationRisk enablerRisk strategyRestructuring risk management setup(e.g.,regional logic to product logic)5 GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAG
37、EMENT IN UNCERTAIN TIMESThis team consolidates all relevant information and draws insights on risks,providing invaluable guidance to the outlying parts of the organization during periods of volatili-ty.Various business units and subsidiary legal entities within the organization then implement the ov
38、erarching strategy according to their specific needs,embedding it into their everyday operations.The importance of a central strategic risk manage-ment team grows with the size of the company.The reactive approach is simply inadequate at times of crisis for more complex corporations.The perceived im
39、portance of a central strategic risk man-agement team grows with the size of the company,a find-ing that helps to explain why larger companies value ma-ture risk management more highly.For smaller companies,ad hoc operative risk management may at times be suffi-cient to handle risks as they arise.Bu
40、t as companies be-come larger,their internal operations and international network of suppliers become more complex.The reactive approach is simply inadequate at times of acute crisis:in the absence of an overarching strategy that offers more comprehensive solutions and institutionalized processes,a
41、company will be unable to cope with multiple concurrent challenges.Of course,the ideal organizational setup also depends to a significant extent on the companys business model,global footprint,and risks to which it is most susceptible.For example,companies in industries that depend heavily on certai
42、n regions,such as mining and commodities,might be advised to organize themselves very differently from,say,automotive companies,which are primarily preoccupied with a wholly different class of risk.For both strategy formulation and operative implementa-tion,leading companies recognize the importance
43、 of hav-ing up-to-the-minute data at their disposal,as well as the most appropriate data analytics capabilities and tools for evaluating it.The advanced use of data and analytics in risk management is an essential element within the over-all digitization of the whole organization.Together with AI an
44、d generative AI,advanced analytics help to combat risk.For example,a company could collect all available data from different internal and external sources with respect to the risks under consideration and then analyze it in a structured way,with the aid of machine learning,to spot any suspicious pat
45、terns.The BCG survey also revealed another key differentiator of top performersthe ability to identify threats.In compa-nies more severely affected by the crisis,the task of identi-fying risks was left to senior executives.Moreover,the risks that were highlighted were more likely to be internal,such
46、 as labor shortages,low employee engagement,or substan-dard technology.Top performers,on the other hand,had instituted process-es and a culture throughout the entire organization,hand-ing the initiative to all employees to raise the alarm about potential risks.Indeed,35%of top performers emphasized
47、the importance of internal sensing skills and culture in identifying risks early onbefore they could start to inflict damage.With the assistance of external experts,top performers also devoted more attention to potential risks emanating from outside the organization,such as supply chain issues,incre
48、asing regulation,geopolitical tensions,natural disas-ters,and pandemics.Going Deeper:How to Reach Maturity in Risk ManagementWe have seen from our survey that mature risk manage-ment helps companies to get through crises relatively unscathed and have identified what top performers do differently.But
49、 what does high maturity in risk manage-ment mean in terms of an organizations target operating model?This section sets out what companies need to do to move from best intentions to best practice in risk management.To begin with,it is essential to understand the risk types that companies are focusin
50、g on.Exhibit 5 shows that oper-ational risk is by far the most covered.This confirms a shift in emphasis from financial to nonfinancial threats,a natu-ral progression given the nature of the disruptions caused by the recent crises.To simplify matters for the purposes of our survey,we divid-ed the ta
51、rget operating model into three areas.We ana-lyzed what leaders with mature risk management did differently from starters in the following areas:BOSTON CONSULTING GROUP 6 Strategy and Governance.A comprehensive risk taxon-omy and strategic risk management across all risk types.Process.Strategic and
52、operative risk governance and organization.Basics.Data management and a culture of resilience.Overall,we can see that a higher level of maturity has been reached in the strategy and governance aspects of the target operating model.However,attention to risk in pro-cess and basics is less mature,a sho
53、rtcoming that needs to be resolved if companies are to exploit the full potential of risk management.(See Exhibit 6.)For example,without the solid platform of advanced data management and a developed culture of resilience,they cannot hope to man-age risk in the most effective way possible.Leaders an
54、d the Target Operating Model Lets delve more deeply into the two aspects of the target operating model detailed in the above graphicstrategic and operative risk governance and organizationand understand what separates the leaders from the starters,as well as what the latter can do to catch up.Proces
55、s.We asked respondents to rate the maturity level for both their strategic and operative risk management.We found that leaders reached a similar level of maturity in both the strategic and operative aspects.(See Exhibit 7.)The close interaction between strategic and opera-tive aspects holds the key
56、to success,particularly when confronting complex risks.Source:BCG analysis.Exhibit 5-Risk Strategy:Top 5 Risks Are Covered by More Than 70%Which risks types do you cover in your risk management setup?Operational89%79%77%77%74%62%61%53%52%46%44%38%31%28%1%LegalFinancialStrategic and sector-specificIT
57、EnvironmentalReputationalInflationEmployeeFinancial crisesGeopolitical tensionsEnergy priceR&DM&AOther7 GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESWhat is also interesting is that more starters had reached a higher level of maturity in strategic than in opera
58、tive risk management.It seems that starters may also have begun to follow the trend of appointing a central strategic team to oversee risk management.However,to reach the overall maturity necessary to combat crises effectively,operative risk management must be equally advanced.It is the close intera
59、ction between strategic and operative aspects that holds the key to success here,particularly when confront-ing complex risks.Risk Management Review Cycle and Cooperation.We asked respondents to gauge the frequency of both their strategic and operative risk management review cycles.The results indic
60、ate that leaders have attained an entirely different stage of development.Everything is more institu-tionalized and automated.Exhibit 8 shows the different approaches on both the strategic and operative side.Many starters still perform a monthly review of their strategic risk management,where-as lea
61、ders conduct reviews much less often,suggesting that they have already comprehensively embedded the strategy within everyday operative risk management,ren-dering frequent reviews unnecessary.When looking at operative risk management cycles,results show that half of the leaders are continuously perfo
62、rming operative risk management reviews.This suggests that an automated,comprehensive,structured setup and estab-lished processes are already in place throughout the orga-nization and simply require regular fine-tuning.Starters,on the other hand,are still lagging,with their risk manage-ment needing
63、only sporadic reviews because the operation is much less developed.It is vital that starters implement processes that can sense and respond to emerging riskssuch as those relating to AI and ESGto make the organi-zation more future-proof.Exhibit 6-Long-Term Effectiveness Requires Strong Risk Manageme
64、nt BasesVerygoodNeed toimproveStrategy/governanceProcessBasics100%HighmaturityNeutral maturityLowmaturity62%39%29%28%41%34%43%44%22%25%23%33%39%27%11%12%17%71%100%100%100%100%100%Comprehensive risk taxonomy in placeRisk steering across all risk typesData managementCulture of resistanceStrategic risk
65、 governance and organizationOperative risk governance and organizationSource:BCG analysis.BOSTON CONSULTING GROUP 8Source:BCG analysis.1E.g.,no quantitative assessments.2E.g.,Excel-based,manual assessments.3E.g.,automated monitoring,advanced scenario analysis/simulations.Exhibit 7-Balanced Dualism a
66、s Success Factor:Both Strategic and Operative Risk Management Require Focus to Be SuccessfulStarterLeaderWhat is the maturity level of your risk management instruments for your risk steering?Strategic86%0%0%0%14%57%43%44%56%44%56%Operative0%Low1Medium2High3Source:BCG analysis.Exhibit 8-Risk Manageme
67、nt Cycle:Leaders Tend to Use a Continuous Risk Management Cycle,While Starters Use a Monthly or Yearly One StarterLeaderWhat is the frequency of your risk management cycle per steering type?StrategicContinuouslyMonthlyQuarterlyYearlyRarelyOperative31%31%25%13%43%14%6%0%0%0%0%0%0%43%14%43%44%50%43%9
68、GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESSource:BCG analysis.Exhibit 9-Cooperation Is Key for EffectivenessStarterLeaderWhat best describes how you perform strategic and operative risk steering?If there is cooperation,how does it work?Centrally consolidated
69、Iterative processCentral RMDecentralized RMCooperation14%50%71%19%14%31%100%0%50%50%The degree of internal cooperation is also differentiated between leaders and starters.With starters,there is less cooperation between the center and the outlying units.(See Exhibit 9.)In contrast,leaders use a more
70、advanced cooperative and iterative approach.This finding demon-strates that an effective and efficient risk management framework has a strong central strategic foundation,but also relies on subsequent close operative collaboration.Especially with complex company structures and global processes,it is
71、 essential to bring central and local exper-tise together to extract the full potential of risk manage-ment.Leaders value advanced analytics more highly,showing the importance of data-driven decision making to mature risk management.People.Interestingly,leaders and starters rank the desired capabili
72、ties of risk managers in a different order.(See Exhibit 10.)Whereas starters strongly prioritize strategic thinking,leaders value advanced analytics more highly,showing the importance of data-driven decision making to mature risk management.The finding is in line with the conclusion relating to the
73、risk management review cycle.Leaders are already well advanced when it comes to defin-ing and implementing the strategic aspects of risk man-agement,and those capabilities have therefore become less important.What Are the Challenges Now Facing Top Per-formers and Starters?Given their respective stag
74、es of development,leaders and starters perceive different risk management challenges.(See Exhibit 11.)Starters are still focusing on fixing the basics.Advocates within the organization are pushing senior management to recognize the importance of risk management and build a supportive culture.As risk
75、 man-agement is not yet a priority,this is often a strugglethe function may even face a round of cost cutting in the pre-vailing tough economic environment.Such lack of invest-ment,of course,threatens progress to mature risk man-agement,hindering organizational resilience in future crises.Leaders ma
76、in challenges stem from their success.For one thing,as risk management reaches maturity,there is inevi-tably more interaction between the center and an expand-ing network of operative units.Companies must also adapt to the ensuing complexity,maintaining focus on the cur-rent areas of concern and rem
77、aining sufficiently agile to reassign priorities where necessary.In contrast to starters that are still bogged down in internal BOSTON CONSULTING GROUP 10matters,leaders also scan the external environment for emerging risks.For example,only 14%of starters cited rising regulatory scrutiny as a major
78、challenge,compared with 44%of leaders.Starters lack of attention to other rapidly intensifying new risks,such as those relating to ESG and AI,could have material consequences as well.Outlook:Preparing for the Next CrisisWe asked companies to describe how they are planning to change their risk manage
79、ment setup.Their answers again reflect the different stages of development for leaders and starters.(See Exhibit 12.)Starters are still looking to embed risk management into the strategy and planning process,build a strong risk management relationship between the corporate center and the rest of the
80、 organization,and build the sensing skills and culture that enable risks to be identified earlybefore they start to inflict damage.The strategic platform has already been set by the center,and the risk management responsibilities that are now being more widely dispersed need to be appropriately assi
81、gned.Leaders,meanwhile,have moved on to the vital task of quantifying nonfinancial risks,which relies heavily on the availability,quality,and usability of data.Some also plan to reorganize risk management internally to derive the maxi-mum benefit from their greater maturity.The strategic platform ha
82、s already been set by the center,and the risk management responsibilities that are now being more widely dispersed need to be appropriately assigned.Complex international organizations will need constant local feedback from outlying units on the diverse and rapidly developing regulatory requirements
83、 in the many countries and regions in which they do business.A strong risk culture thereby enables proactive,rather than reactive,risk management.Source:BCG analysis.Exhibit 10-Organization:According to Respondents,Handling Risks Demands Strategic Thinking,Advanced Analytical as Well as Management a
84、nd Leadership Skills What are the top three skills/capabilities that risk managers will need in future?StarterStrategic thinkingAdvanced analyticsManagement and leadershipCommunicationFinancial expertiseRegulatory knowledgeProblem solvingAdvanced analyticsStrategic thinkingManagement and leadershipC
85、ommunicationFinancial expertiseProblem solvingRegulatory knowledgeLeader38%25%19%6%6%6%0%57%29%14%0%0%0%0%11 GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESSource:BCG analysis.Exhibit 11-Challenges Differ According to Maturity:Risk Managers Need to Handle a Diver
86、se Set of Risks,with Different Challenges for Leaders and StartersSense of urgency from senior managementOrganizational complexity(e.g.,between business units)Cost cuttingRising regulatory scrutinySupportive overall cultureSufficient budgetfor implementationLeveraging internal knowledgeSufficient wo
87、rkforce capacityfor implementationImproving efficiency offirst line of defenseLeveraging external knowledgeOrganizational complexity(e.g.,between business units)Supportive overall cultureLeveraging external knowledgeCost cuttingSense of urgency fromsenior managementSufficient budgetfor implementatio
88、nDevelopment of a digitalcompliance strategySufficient IT infrastructureLeveraging internal knowledgeIntegrating business goals anddigitization goalsSufficient workforce capacityfor implementationImproving efficiency of firstline of defenseSufficient IT infrastructureDevelopment of adigital complian
89、ce strategyIntegrating business goalsand digitization goalsAttracting talentAttracting talentRising regulatory scrutinyOverall rising costsfor complianceOverall rising costsfor compliance56%44%38%38%38%31%31%31%25%25%25%25%25%19%13%86%71%57%57%57%57%43%43%43%29%29%29%14%14%14%What are currently the
90、biggest challenges for risk managers?StarterLeaderBOSTON CONSULTING GROUP 12Source:BCG analysis.Exhibit 12-Outlook:Starters Plan to Change Risk Management Setup,Especially to Embed Risk Management into Strategic Planning and Strengthen Risk OversightHow are you planning to change your risk managemen
91、t setup?43%43%29%29%29%29%29%29%14%14%25%25%25%19%19%19%19%13%13%13%Strengthening oversight and harmonizing approach to subsidiariesReorganizing risk management functions to different departmentsPerforming scenario analysis across risk types based on central assumptionsQuantifying all risk(including
92、 nonfinancial)Centralizing risk management activities into strategic risk steering teamStrengthening oversight andharmonizing approach to subsidiariesEmbedding risk management intooverall strategy&planning processBuilding external“sensing skills”and culture to recognize risks earlyIntensifying the u
93、se ofdata and analyticsInvesting in talent(e.g.,cybersecurity)Building external sensing skillsEmbedding risk management into overall strategy and planning skillsBuilding external“sensing skills”andculture to recognize risks earlyCentralizing risk management activitiesinto strategic risk steering tea
94、mPerforming scenario analysis acrossrisk types based on central assumptionsIntensifying the use of dataand analyticsInvesting in talent(e.g.,cybersecurity)Quantifying all risk(including nonfinancial)Building external sensing skillsDecentralizing operativerisk managementStarterLeader13 GLOBAL ESG,COM
95、PLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMESOur survey findings demonstrate the vital role that risk management has played in helping organiza-tions through recent crises.Moreover,we see that its value in such adverse times increases with its level of maturity.The evidence
96、in our survey suggests that starters sense what needs to be done to emulate the success of leaders.To reach this goal,companies should concentrate their attention on the following three actions:Make risk management a cornerstone in all key process-es within the entire organization to ensure resilien
97、ce Combine a strong strategic risk management center with efficient and effective distributed operative risk management to secure a holistic understanding and appropriate mitigation of risks through a robust and consistent process.Enhance data analytics by focusing on the quantification of nonfinanc
98、ial risks and using tools such as AI to make full use of available data.By following these best practices from risk management leaders,more companies can make themselves future-proof.They can then focus their energies on innovation and profitable growth in the full knowledge that they have built the
99、 resilience necessary to resist whatever the next crisis throws at them.BOSTON CONSULTING GROUP 14About the AuthorsJulia Gebhardt is a Managing Director and Partner in the Munich office of Boston Consulting Group.You may contact her by email at Gebhardt.J.Juliane Butters is a Project Leader in the C
100、ologne office of Boston Consulting Group.You may contact her by email at LeisButters.J.Matteo Coppola is a Managing Director and Senior Partner in the Milan office of Boston Consulting Group.You may contact him by email at Coppola.M.Thomas Pfuhler is a Managing Director and Partner in the Munich off
101、ice of Boston Consulting Group.You may contact him by email at Pfuhler.T.Abhinav Bansal is a Managing Director and Partner in the Mumbai office of Boston Consulting Group.You may contact him by email at Bansal.A.Katharina Hefter is a Managing Director and Partner in the Berlin office of Boston Consu
102、lting Group.You may contact her by email at Hefter.K.Eva Kalteier is a Project Leader in the Munich office of Boston Consulting Group.You may contact her by email at Kalteier.E.Bernhard Gehra is a Managing Director and Senior Partner in the Munich office of Boston Consulting Group.You may contact hi
103、m by email at Gehra.B.Jeanne Kwong Bickford is a Managing Director and Senior Partner in the New York City office of Boston Consulting Group.You may contact her by email at Bickford.J.Pierre Roussel is a Managing Director and Partner in the Paris office of Boston Consulting Group.You may contact him
104、 by email at Roussel.P.For Further ContactIf you would like to discuss this report,please contact the authors.Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strat
105、egy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and f
106、unctional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels
107、 of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.For information or permission to reprint,please contact BCG at .To find the latest BCG content and register to receive e-alerts on this topic or others,please visit .Follow Boston Consulting Group on Facebook and X(formerly known as Twitter).Boston Consulting Group 2023.All rights reserved.10/2315 GLOBAL ESG,COMPLIANCE,AND RISK REPORT 2023:MATURE RISK MANAGEMENT IN UNCERTAIN TIMES