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According to a new study conducted by BT Global Services, the Indian economy has overtaken developed markets when it comes to capitalizing on the benefits of risk management.

The study, conducted by Datamonitor involving 2,000 senior executives in the US, the UK, France, Germany, Spain, Sweden, Brazil, China, India and South Africa, revealed that 90 percent of Indian enterprises perceive risk management as a means of increasing competitive advantage as against 44 percent of developed economies, and 85 percent also think that risk encourages innovation and creativity compared to 43 per cent in developed economies.

India is also significantly more likely to be investing heavily in risk management strategies and systems than their counterparts in the US and Europe (54 per cent of developing economies to 36 per cent of developed).

In addition, India is more likely to have a board-level corporate security officer (CSO) or corporate risk officer (CRO), more likely to view this as a valued investment and twice as likely to have a risk management strategy for global risks, said the study.

It also revealed that about 96 percent of the respondents feel international collaborations are vital to the success of their business, but 85 per cent also believe organizations from developed markets remain suspicious of the assurances they offer about risk management policies, particularly when it comes to ICT, which clearly bodes ill for successful tie ups.

“Developed markets have been wary of risks associated with aggressive economic growth. Our evidence suggests that developing countries, fully committed to international collaboration, now boast risk management strategies that surpass even ‘Western’ standards and can be trusted to support innovation and creativity,” said Sudhir Narang, MD, BT India.

Narang further added saying that businesses in developed markets appear ready for the potential impact of risks such as epidemics, terrorism or water security, but ironically, they may be less prepared for major global events than their counterparts in emerging markets. Around 85 per cent of Indian businesses took the impact of major global events and issues into consideration compared to just 35 per cent in the US and Europe.