Businesses have adapted to the recession by changing the way they work, according to a new study.
Research by Ernst & Young has found that 43 per cent of companies have made permanent adjustments to their operating models, while 53 per cent have changed their risk management processes.
It also revealed that 45 per cent of chief executives believe that the regulatory framework for their firm has undergone fundamental adjustments.
Scott Halliday, UK and Ireland country managing partner at Ernst & Young, said: "Not only does this research show the permanent impact of the change that has taken place in the last 12 months, it also demonstrates how rapid that change has been and how very few people saw this coming."
The research found that more than 75 per cent of executives surveyed were caught off guard by the speed and severity of the recession.
Recently, a study by KPMG found that around half of global businesses expect the recovery to start by 2010.
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