Singapore businesses have higher expectations of risk management to support growth, according to new research by Coface. However, many still involve risk teams only after key commercial decisions have already begun to take shape.
The Risk Management: From Risk Control to Growth Engine study found that 70% of organisations in Singapore believe the pursuit of growth often conflicts with managing risk, higher than the global average of 62%. However, only 16% involve risk teams at the idea stage of commercial decisions—a figure below the global average of 24%—suggesting that risk functions are still brought into the process too late.
The study also found that organisations are increasingly viewing risk management as a strategic enabler rather than simply a protective function. More than half (52%) expect risk teams to help drive growth over the next three to five years, while only 16% believe they will remain primarily focused on protection. At the same time, 92% of respondents want AI-driven insights and early warning signals to identify potential risks, significantly higher than the global average of 80%. Internal risk aversion and slow decision-making were identified as the biggest obstacles to growth, cited by 32% and 28% of respondents, respectively.
"Singapore businesses are not lacking in ambition. The challenge is ensuring that risk management evolves at the same pace as commercial strategy, so that organisations can appropriately take and manage the risks that go hand in hand with growth," said Coface Singapore Chief Executive and Country Manager Grishma Kewada. "When risk teams are involved early and supported by reliable, relevant risk intelligence, they can help businesses assess opportunities, identify workable conditions and make decisions with greater confidence."
The research also showed that businesses are increasingly looking to external partners for predictive insights and market intelligence to improve decision-making. While only 34% currently use predictive analytics internally, 70% expect predictive insights from external partners, with the same proportion seeking support to unlock more business opportunities. Meanwhile, 66% value access to external market intelligence.
"External partners can bring a broader view of risk that many businesses may not have internally, especially when they are expanding across markets or dealing with unfamiliar counterparties," Ms Kewada added. "The value is not just in providing protection, but in helping businesses identify warning signs earlier, understand where risk is changing and make more confident decisions before issues escalate."
The study surveyed 1,250 senior risk and finance decision-makers across 13 markets, including 50 respondents in Singapore.