Social media and the 24 hour news cycle are putting businesses at risk as “hype” distracts from the more serious threats to businesses. Business risk assessment and management is being impacted by “Black swans”; attention grabbing issues that are not easy to predict.
This is the biggest lesson from the Global Risk Landscape 2019 Report which surveyed 500 C-suite executives and senior risk experts globally, across all major industries.
However, despite the risks of distraction, the research also shows that most companies are appropriately prioritising risks on their risk registers according to their impact. New business risks, for example, are not always given higher priority than longer-standing risks.
The Report suggests that concerns have narrowed from the general to the more specific. Regulatory risk has dropped out of the top three perceived risks, while damage to reputation and brand value now sits at the top. The risk of computer crime such as hacking or malicious viruses comes second, with economic slowdown and slow recovery ranking third. We have also identified significant changes in the top business risks for which respondents feel least prepared.
The report explores how organisations can effectively balance mitigating short-term risks based on media hype with long standing risks which may affect their business operations.
As part of the Global Risk Landscape Report 2019, we have prepared three regional risk white papers that explore the differing business risks and attitudes to risk for EMEA, Americas and APAC regions.
Nigel Burbidge, our Risk and Advisory Services Global Chair, discusses what the voted top three business risks in 2019 are and what businesses could do to better manage these risks.
Recording : Global Risk Landscape 2019 online panel discussion
If you missed our webinar chaired by Nigel Burbidge, watch our recording to catch up on this year’s panel discussion, with our BDO experts Ruth Ireland and Jon Dee.
Download the Global Risk Landscape 2019 report and our regional risk white papers.
Global Risk Landscape Report 2019
Global Risk Europe White Paper 2019
Global Risk APAC White Paper 2019
Global Risk Americas White Paper 2019