New Research From Coface Looks at Singapore Business Risks

Coface has published some new data on risk management in Singapore;

 Singapore businesses increasingly expect risk management to support growth, but many continue to involve risk teams only after commercial decisions have begun to take shape, according to new research from Coface.

The Singapore findings from Coface’s Risk Management: From Risk Control to Growth Engine study show that many organizations want risk teams and functions to play a greater role in enabling growth, but do not yet involve risk teams early enough in commercial decisions.

Key takeaways:

• 70% of organizations in Singapore say the need to pursue growth often conflicts with the need to manage risk, compared with 62% globally
• Only 16% involve risk teams at the idea stage, below the global average of 24%.
• 52% expect risk teams to help unlock growth within the next three to five years
• 92% want AI-driven insights and early-warning signals of potential issues and risks, compared with 80% globally
• Internal risk aversion and slow decision-making are the two most frequently cited barriers to growth, identified by 32% and 28% respectively

The study surveyed 1,250 senior risk and finance decision-makers across 13 markets, including 50 respondents in Singapore.

Risk is still entering the conversation too late

Many Singapore organizations recognize that growth requires risk-taking, but still struggle to balance opportunity with disciplined risk management. While they do become more active in assessing and managing potential risks once the direction of a commercial decision is clearer, only 16% involve risk teams from the idea stage, while 36% bring them in only when the potential exposure appears material.

This can create friction in a fast-moving market where businesses are frequently assessing new customers, markets and growth opportunities. When risk management teams are brought in late, they may have fewer options to redesign a transaction, adjust terms or find a structured way forward without delaying the decision.

The findings suggest that expectations are beginning to change. While 30% currently regard risk teams as strategic growth partners, 52% expect them to play this role within the next three to five years. By contrast, only 16% expect risk teams to remain primarily focused on protection.

“Singapore businesses are not lacking in ambition. The challenge is ensuring that risk management evolves at the same pace as commercial strategy, so that organizations can appropriately take and manage the risks that come hand-in-hand with growth,” said Grishma Kewada, Chief Executive and Country Manager of Coface Singapore. “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.”

Businesses look to external partners for predictive insight

The research also shows that Singapore organizations are looking beyond internal capabilities to support better and faster risk decisions. While 34% of organizations in Singapore currently use predictive analytics internally, 70% expect predictive insights from partners.

In addition, 70% want help enabling more opportunities and 66% value access to external market intelligence.

This suggests that businesses are no longer looking only for protection after a risk materializes. Instead, they increasingly expect partners to help them anticipate changes in counterparty risk, assess opportunities more confidently and make better-informed decisions on where and how to grow.

“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,” 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 report concludes that Singapore organizations can unlock growth by embedding risk considerations and assessment earlier, using data more effectively and drawing on external intelligence to make faster, more confident decisions.