Business Resilience Barometer 2022

Survey results from Financial and Non-Financial Services Organizations

To better understand how organizations are focusing on their critical businesses in the rapidly changing scenario, managing risks emanating from this pandemic and the safeguards/ alternate measures they are adopting to move on a growth path, we conducted the second edition of the Business Resilience Barometer Survey this year. In this report, we present a synopsis of the feedback received from the survey and the analysis done by us.

We want to thank all the clients and acquaintances who have supported us by participating in this survey.

Topics

Cybersecurity and Privacy Risk Management and Regulatory Compliance Business Performance Data, Analytics and Business Intelligence Digital Transformation

Key Findings from Financial Services Organizations

Economic outlook – Our survey results indicate that, unlike last year, the respondents were optimistic about the economic outlook and 95% of the respondents had a positive outlook about the economy.

Impact on the Profitability - Survey results indicate that 82.67% of the respondents expect growth, with 68% expecting slight growth and 14.67% expecting major growth, corresponding with the overall economic outlook. Only 5.35% of respondents see any kind of de-growth in profitability.

Impact on revenue - Survey results indicate that 70% of the respondents expect their revenue to grow while only 9% of them expect any de-growth in revenue. However, only 23% of the respondents expect major growth, reflecting that caution prevails while predicting growth magnitude.

Status of Cybersecurity - 55.41% of the respondents were of the view that their industry has a high preparedness to mitigate cyber security risks. 41.89% of respondents thought that their industry has a medium level of preparedness.

How good is your resiliency plan - 55.56% of the respondents felt that their organization's operational resilience plan was effective. In comparison, 37.50% of respondents felt there was some opportunity to improve. Only 6.94% felt that the operational resilience plan was still evolving.

Focus area for Business Transformation - New Products & Innovation seems to be the focus area for Business Transformation for the respondents (72%), followed by Business Process Re-engineering/Improvement/Digitalization (43%) as a distant second preference.

Key Findings from Non-Financial Services Organizations

Economic outlook - Survey results indicate that, unlike the previous year, the respondents were optimistic about the economic outlook and 81% of the respondents had a positive outlook towards the economy.

Impact on the Profitability - Survey results indicate that 77% of the respondents expect a positive impact or stability in their profitability; however, 23% of respondents expect slight to major de-growth in their profitability.

Automation as an enabler to reduce cost - 96% of respondents see automation as a moderate to a significant enabler in 2021 to reduce their cost compared to 80% in 2020.

Focus areas for Business Transformation – Survey results indicate that 34% of respondents are looking at new products and innovation as their transformation strategy, whilst 19% of respondents believe that BPR and Digitization are the key enablers to drive their business transformation.

Operational Resilience - Operational resilience has garnered key focus across industries, indicated through our survey results, where 48% of respondents rated their respective organization's plans to handle disruptions effectively. 41% of respondents expected some improvement opportunity in their organization's operational resilience plan to handle the disruptions. Only 4% of respondents believe that their organizational plans are still evolving to manage disruptions.

Preparedness towards cyber and information security risk – Survey results indicate that majority of respondents were of the view that their industry has a medium preparedness to mitigate cyber security risks, while 41% of respondents believed that their industry has a high level of preparedness. 48% of respondents were of the view that they have a high level of awareness about the information security risk.