This article is a follow on from ‘Top 10 risks for 2023’ feature which was posted here in January 2023.
Risk Management, and the Risk Management Framework (RMF), is a pillar of any (at least) medium sized company’s Corporate Governance structure and is a key focus for the Internal Audit function whether scoping any audit, or planning to perform an audit of the RMF itself. So, what does Business and Industry now think are the areas for risk focus in 2023, at the half year stage?
JCBFL has re- performed its brief survey of industry and market views as to the general risk landscape for 2023, at the start of the 3rd Quarter. The survey takes in the World Economic Forum 2 year and 10-year predictions, leading research and rating agency Dun & Bradstreet and a leading global insurance group (January and June 2023 compared). The top 10 risks for each have been categorised and colour coded across 7 risk areas:
The results across the organisations surveyed are:
Summary – what stands out!
- The WEF has ‘Cost of living crisis’ at #1 and migration at #10 although both risks are unique to the WEF surveys.
- WEF climate risks start to become more predominant between its 2- and 10-year risks forecasts.
- Economic and political risks feature in 6 of 10 Dun & Bradstreet risks and make up the top 3.
- For Allianz, economic and political risks feature more than in January 2023 and cyber incidents remain at the top of the list.
- The Allianz outlook has remained reasonably consistent between the start and middle of 2023.