Given such new market conditions, Vadaketh said there is wisdom in deploying an enterprise-wide approach to risk management. "Individual or siloed approaches only have micro views of risk," he assessed. "It makes sense to have somebody at the top having a bird's eye view of the company's state."

The EIU senior editor added that an enterprise-wide risk management system eliminates duplication of systems and reduces efficiencies in determining risks.

"The bigger problem is that no one [today] is looking at the bigger picture [of risk]," he lamented.

Vadaketh suggested having a dedicated risk officer and a risk team under him to assess the company's risk and compliance needs.

He also underscored the importance of having employees themselves break out of the silos. "Companies should encourage employees to get away from their spreadsheets, and help them develop a sense of how they fit into the big picture," he suggested.