Economy

Many Irish companies slack when it comes to risk management

New survey finds businesses optimistic about role of technology in society

Many Irish companies are not adequately prepared to deal with potential risks to the business. Photograph: iStock

Sat Jan 1 2022 - 05:00

Fewer than half of Irish businesses are adequately prepared to deal with risks that could impact them, according to a new study.

The survey also reveals that while 82 per cent of businesses canvassed are optimistic about the role of technology in society, just 24 per cent of companies are keen to pioneer new technologies versus a global average of 41 per cent.

But the study, which interviews businesses across 11 markets, also reveals that nearly half of Irish businesses are more profitable this year than in 2020 despite the continued impact of the coronavirus pandemic.

Despite a wariness about pioneering new technologies, 55 per cent of organisations in the Republic say they have accelerated their digital transformation plan as a result of the Covid crisis.

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Four in five identify a more difficult company culture developing as hybrid working becomes the norm.

"Despite a difficult 18 months for businesses across Ireland, this latest report proves the perseverance of Irish businesses across the country. Many Irish organisations have adapted and put in place the necessary plans to transform their business into the future. This includes accepting the changing landscape and re-examining their business operations when it comes to digital transformation and changing client and customer needs," said Vodafone Ireland chief executive Anne O'Leary.

“While there is no doubt that more can be done and will be done by Irish businesses, this report can hopefully act as a benchmark for Irish organisations who want to become fit for the future,” she added.

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