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| CURRENT SECTION :: News | UK's most visited IT Contractor Site - 250k unique visitors March 2008 |
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Britain’s largest businesses are falling behind their foreign rivals because of a ‘play it safe’ culture that expects their decision-makers to shy away from risks. Similar sized Indian companies, in contrast, are much more entrepreneurial and 80% say calculated risk is the first step to gaining an edge over the competition. But for almost half of businesses in the UK, the act of making a potentially profitable business decision based on the thought-through uncertainties should be avoided. For being braver, Indian companies are “better able to seek considerable growth” allowing them to offer their clients “aggressive” and “innovative commercial propositions.” John Dovey, president of BT Global Services, which produced the findings, said this is mainly due to Indian corporates taking a pragmatic view of risk and how it should be managed. In the survey of 2,000 executives in 10 countries, BT’s IT arm found that 85% of firms in India see risk management as an enabler of innovation and creativity, compared to 34% in the UK. The research suggests a more proactive attitude towards risk more fully realises opportunities for originality and resourcefulness in India and other developing economies. “There are some well-established FTSE100 companies working in complex environments who have to manage huge levels of risk on a daily basis,” Mr Dovey said. “But in general, UK companies tend to see the kind of risks associated with aggressive economic growth as something to avoid, while competitors in India have had to see them as something to manage.” This commitment to risk management as core to business growth has resulted in the overwhelming majority of Indian companies (90%) appointing a manager with overall responsibility for risk. In the UK, only 14 per cent of businesses have taken a similar step, with 63% saying the appointment led to a ‘risk supremo’ at board level; a professional now found in almost all (94%) of Indian companies. Jun 13, 2008 Email this article Printer friendly page Previous Page
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