Today’s infographic chighlights the forces that have been shaping the business risk landscape – both today and as projected for the future.
Using data from the 2017 Global Risk Management Survey done by insurance company Aon, it shows the top business risks according to 1,843 risk decision-makers from 33 industry sectors in over 60 countries.
Here were the top risks from 2017, as well as the corresponding portion of business leaders that said they were prepared for each risk:
Rank (2017) Business Risk Readiness
#1 | Damage to reputation/brand | 51% |
#2 | Economic slowdown/slow recovery | 30% |
#3 | Increasing competition | 45% |
#4 | Regulatory/legislative changes | 44% |
#5 | Cybercrime, hacking, viruses, malicious codes | 79% |
#6 | Failure to innovate/meet customer needs | 59% |
#7 | Failure to attract or retain talent | 57% |
#8 | Business interruption | 67% |
#9 | Political risk/uncertainties | 27% |
#10 | Third-party liability | 70% |
The insurer noted that many of these top business risks were uninsurable – and that in general, that such risks are continuing to gain precedence.