However, most organizations did not respond to the financial risks brought to light in the financial crisis by making significant management or technology changes. Only 11 percent have deployed new risk management software, and fewer than 5 percent have established a chief risk officer (CRO) position.

“Companies have made internal changes, such as adding people and improving reporting,” Graziano says, “and then externally they've gone out and done a better job of evaluating their vendors and suppliers. By adding more resources to risk management, they've positioned themselves better, both internally and externally.”

Although they've gained important insights into their financial risks, most companies' willingness to take on financial risks hasn't changed much in the past year. When asked how they would rate their organization's current financial risk appetite compared with a year earlier, the majority (56 percent) said it hasn't changed. Nearly a quarter (24 percent) are somewhat more willing to take financial risks this year than they were last year, and 3 percent are much more willing to take risks. However, 10 percent are somewhat less willing—and another 7 percent much less willing—to take financial risks today.

Respondents made clear the reasons why they're reluctant to take on new risks: They feel a good deal of uncertainty in the external environment, both in terms of regulations that may be coming in the future and in terms of the economy and their competitiveness in their marketplace (see Figure 2, below). “In 2008 and 2009, the big concern among CFOs was their ability to secure credit,” Graziano says. “This year, that concern is near the bottom of the list. Instead, CFOs today are thinking about things like understanding financial risk, regulatory risk, and cash positions.”

Indeed, when asked to identify the risk that concerns them most, more than a third of survey respondents chose “regulatory changes/uncertainty.” Nearly 20 percent cited economic uncertainty, and 15 percent cited competitive pressures. Fewer than 1 percent said that securing credit is their primary concern, with 2 percent saying they're most worried about the rising cost of credit.

Perhaps because external uncertainties are their number-one concern, more than half of the surveyed finance executives said that their ability to forecast future financial risk is an ongoing challenge. Many also struggle to control their current financial risks, in large part because they feel they don't have the right data to manage those risks.

Corporate policies are creating some challenges, as well. Twenty percent of respondents said they're operating without a clear financial risk management strategy. And similar proportions of CFOs grapple with their company's conservative risk appetite (16 percent) as with their organization's aggressive risk appetite (12 percent).

“When you start taking on credit, and you want to invest in your company—whether it's people, buildings, equipment, or other fixed assets—you want to have the ability to forecast, and you want to feel comfortable that there's some stability, before you make that long-term investment,” Graziano says. “I think what this survey emphasizes is that companies are forecasting a little better, but there's still a lot of uncertainty about the future. CFOs would like to face less uncertainty, but they're finding ways to manage those external risks.”