Indian enterprises see risks as means for improving their market position and are more likely to take them than firms in developed countries, finds BT Global Services.
A study commissioned by BT Global Services says ninety per cent of enterprises in the country see risk management as means of increasing competitive advantage in comparison to 44 per cent in developed economies.
Eighty-five per cent think risk encourages innovation and creativity compared to 43 per cent in developed countries.
The study reveals Indian firms are more likely to make heavy investment in risk management strategies and systems than their counterparts in the US and Europe.
The study was conducted by Datamonitor and involved 2,000 senior executives in the US, the UK, France, Germany, Spain, Sweden, Brazil, China, India and South Africa.
About 96 per cent respondents feel international collaborations are vital to the success of their business, but 85 per cent also believe organisations 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," BT India MD Sudhir Narang said.
He said 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, which were questioned in the poll, took the impact of major global events and issues into consideration compared to just 35 per cent in the US and Europe.
The onset of a global economic slowdown sparked by developments in the US is rated the highest global risk for the next 12 months by India, followed by the rise in oil and commodity prices, and the continued depreciation of the US dollar against other major world currencies.