Singapore businesses are increasingly recognising the importance of risk management in driving growth, yet many still involve risk teams too late in the decision-making process, according to a new study by Coface. The research, which surveyed 1,250 senior risk and finance decision-makers across 13 markets, including 50 from Singapore, highlights a significant gap between the desire for risk management and its practical application.
The study found that 70% of Singapore organisations feel that the pursuit of growth often conflicts with risk management, compared to 62% globally. Despite this, only 16% of businesses involve risk teams at the idea stage, falling short of the global average of 24%. This delay can lead to fewer options for structuring transactions and adjusting terms, potentially slowing down decision-making in a fast-paced market.
Grishma Kewada, Chief Executive and Country Manager of Coface Singapore, noted, “Singapore businesses are not lacking in ambition. The challenge is ensuring that risk management evolves at the same pace as commercial strategy.”
The survey also revealed that 92% of Singapore businesses desire AI-driven insights and early-warning signals, indicating a strong interest in leveraging technology for risk management. Additionally, 70% of firms are looking to external partners for predictive insights, suggesting a shift towards more proactive risk management strategies.
As businesses increasingly seek to balance growth with risk management, the report concludes that involving risk teams earlier and utilising external intelligence can help Singapore organisations make faster, more confident decisions.
