The top risk concerns for business leaders in 2020
- Published: Tuesday, 17 December 2019 09:11
Findings from the recently conducted ‘Executive Perspectives on Top Risks 2020’ have been published by global consulting firm Protiviti and North Carolina State University Poole College of Management’s Enterprise Risk Management Initiative.
Now in its eighth year, the latest survey identified top concerns on the minds of over 1,000 board members and C-suite executives from organizations in a variety of industries around the globe. Nearly 68 percent of survey respondents’ organizations have annual revenues between $100 million and $10 billion.
The top 10 risks for 2020
Survey respondents were asked to rate 30 macroeconomic, strategic and operational risks. Of those, the top 10 risks identified are as follows:
- Regulatory changes and scrutiny may impact operational resilience and production and delivery of products and services;
- Economic conditions may significantly restrict growth opportunities;
- Succession challenges and ability to attract and retain top talent may be more difficult;
- Limited operational resilience of legacy IT infrastructure and digital capabilities may restrict the organization’s ability to compete with ‘born digital’ players;
- Resistance to change may restrict organizational agility;
- Preparedness to manage cyber threats may be insufficient;
- Ensuring privacy/identity management and information security/system protection may be challenging;
- Company culture may not empower timely identification and escalation of risk issues;
- Sustaining customer loyalty and retention may be increasingly difficult;
- Adoption of AI-enabled technologies may require new skills that are either in short supply or require significant upskilling/reskilling of existing employees.