Airmic 2011: Risk blindness threat to company stability
Company boards' tendency to develop "risk blindness" in the pursuit of reward and opportunity can bring down otherwise successful entities overnight, according to new research by Cass Business School. The first findings of a two-stage study have uncovered seven generic types of underlying risk that transcend sectors and lead to corporate failure, because boards fail to see or choose to ignore their presence.
Based on these findings, companies are being called on to re-evaluate their procedures so risk managers, and others that identify weaknesses, are encouraged to draw them to the attention of directors
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