Just over 75% of Europes largest companies have undertaken a risk identification study in the last 12 months for corporate governance purposes. In the UK the number is particularly high (almost 100%), reflecting the recommendations of the Turnbull Committee. In contrast, only just over half of Benelux companies have undertaken a risk identification study. All of the countries included in the survey have a system of corporate governance in place although some are more formal than others. These results suggest that risk identification studies are driven by local corporate governance requirements, not because companies see much value in the results of these studies.
In most countries, risk identification studies are conducted either by the risk management or insurance department (40%) or by an external consultant (42%). However, 60% of Benelux respondents indicate that the internal audit department carried out the risk identification study.
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