Compliance and risk
It's perhaps not surprising during a time of economic uncertainty that the focus in the finance industry has been on ensuring compliance and reducing risk. Twenty-six per cent of companies surveyed in the finance, banking and insurance industries said compliance was a top priority, nearly twice the level across all industry sectors.
Managing risk was also important to these businesses, with 27 per cent giving it as a top priority and a further 53 per cent identifying it as a high priority.
Ensuring compliance was also important to government respondents with 23 per cent treating it as a top priority. Risk, while rating highly, was slightly less important for this sector. Seventeen per cent gave it as the top priority, close to the average for all respondents, with a further 53 per cent giving it as a high priority.
The construction, mining and utilities industries saw risk as an important issue, with 24 per cent treating it as a top priority, second place behind the finance sector, and a further 47 per cent seeing it as a high priority. The sector also had a higher-than-average focus on ensuring compliance — 20 per cent said this was top priority and a further 40 per cent saw it as a high priority.
Interestingly, compliance was low in the media, telecommunications and entertainment sector, with 44 per cent of respondents saying it was low priority or not on the agenda and only 10 per cent identifying it as a top agenda item.
Retail, wholesale and logistics were the least concerned with managing risk, with 37 per cent saying it was low priority or off the agenda.