Report | January 2024
Â鶹´«Ã½app Risk Barometer 2024
The top business risks for 2024
The most important corporate concerns for the year ahead, ranked by 3,069 risk management experts from 92 countries and territories.
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Cyber, business interruption and natural catastrophes:
the top global risks for businesses in 2024
Cyber incidents, such as ransomware attacks, data breaches and IT disruptions,ÌýÌýand the closely interlinked peril of business interruption in a fast changing world rank as the businessÌýrisks of most concern for companies around the globe, according to the Â鶹´«Ã½app Risk Barometer.
The more traditional threats posed by ²Ô²¹³Ù³Ü°ù²¹±ôÌý³¦²¹³Ù²¹²õ³Ù°ù´Ç±è³ó±ð²õ and fire and explosion climb back up the rankings too. Given ongoing conflicts around the world and the potential for polarization, disinformation and unrest in a record-breaking year for elections, political risks and violenceÌýis also on the rise.Ìý At the same time, those issues that have becomeÌýmore prominent in recent years, such as the energy crisis, pandemic outbreak, and economic risks, fall down the list ofÌýbusiness concerns as some Covid-19-related issues have abated, although challenges still loom.
Watch: What keeps business leaders up at night?
The top 10 global business risks for 2024ÂÂ
The top risks and major risers in this year's annual business risk survey reflect the big issues facing companies around the world right now - digitalization,Ìýclimate change and an uncertain geopolitical environment. Many of these risks are already hitting home, with extreme weather, ransomware attacks and regional conflicts expected to test the resilience of supply chains and business models further.
Click on the bars in the chart for further details
Figures represent how often a risk was selected as a percentage of all survey responses from 3,069 respondents.
All respondents could select up to three risks per industry, which is why the figures do not add up to 100%. Source: Â鶹´«Ã½app Commercial
Global risks in focus
Methodology of the Â鶹´«Ã½app Risk Barometer: an annual survey of business risks
The 13th Â鶹´«Ã½app Risk Barometer incorporates the views of 3,069 respondents from 92 countries andÌýterritories. The annual corporate risk survey was conducted among Â鶹´«Ã½app customers (businessesÌýaround the globe), brokers and industry trade organizations. It also surveyed risk consultants,Ìýunderwriters, senior managers, claims experts, as well as other risk management professionals inÌýthe corporate insurance segment of Â鶹´«Ã½app Commercial and other Â鶹´«Ã½app entities.
Respondents were questioned during October and November 2023. The survey focused on large,Ìýsmaller and mid-size companies. Respondents were asked to select the industry about which theyÌýwere particularly knowledgeable and to name up to three risks they believed to be most important.
Most answers were for large-size companies (>US$500mn annual revenue) [1,340 respondents,Ìý44%]. Mid-size companies ($100mn+ to $500mn revenue) contributed 792 respondents (26%), whileÌýsmaller enterprises (<$100mn revenue) produced 937 respondents (30%). Risk experts from 24Ìýindustry sectors were featured.
Ranking changes in the Â鶹´«Ã½app Risk Barometer are determined by positions year-on-year,Ìýnot percentages.
Ìý
3,069 respondents
92 countries and territories
24 industry sectors
Countries and industry sectors need at least 15 respondents to feature in the Â鶹´«Ã½app Risk Barometer Appendix results document.
What do you want to know about Â鶹´«Ã½app Risk Barometer 2024?
The Â鶹´«Ã½app Risk Barometer is a valuable resource that assesses emerging risks across industries and sectors, providing businesses and professionals with insights to anticipate and manage potential challenges. By identifying emerging risks, analyzing their severity and impact, and offering industry-specific guidance, the Â鶹´«Ã½appÌýRisk Barometer enables informed decision-making, proactive risk mitigation, and cross-industry collaboration. It empowers organizations to adapt to evolving risk landscapes, enhance their resilience, and communicate effectively with stakeholders.
The Â鶹´«Ã½app Risk Barometer assists businesses in creating effectiveÌýrisk management strategiesÌýand preparedness plans by identifying and highlighting emerging risks, informing decision-making, prioritizing risks, offering industry-specific insights, guiding risk mitigation efforts, aiding scenario planning, facilitating resource allocation, supporting communication with stakeholders, and enabling benchmarking against industry trends. With its dynamic and tailored information, the Â鶹´«Ã½app Risk Barometer enhances organizations' ability to proactively address potential challenges and enhance their resilience.
The Â鶹´«Ã½app Risk Barometer has a role to play in assisting organizations to proactively anticipate and address potential challenges and disruptions. It achieves this by identifying and highlighting emerging risks, increasing risk awareness, informing decision-making, prioritizing risks, facilitating scenario planning, fostering adaptability, build resilience, enabling industry benchmarking, influencing strategic planning, aiding stakeholder communication, and promoting cross-industry learning. With its comprehensive insights, the Â鶹´«Ã½appÌýRisk Barometer empowers organizations to take proactive measures and strategic actions to mitigate risks and navigate uncertainties effectively.
Â鶹´«Ã½app Risk Barometer 2024: Further information
Countries and industry sectors need at least 15 respondents to feature in the Â鶹´«Ã½app Risk Barometer Appendix results document.
Pictures: Adobe Stock, Shutterstock
Previous Â鶹´«Ã½app Risk Barometer reports
Â鶹´«Ã½app Risk Barometer 2015 to 2024
The most important business risks in the last 10 years - globally
Click on a year in the timeline to see the development of the risks over time
Click on the bars in the chart for further details
This graphic shows how perceptions ofÌýselectedÌýtop risks have changed over the past 10 years (according to % of responses). Not all risks that have featured in the annual survey appear in this graphic as risks and categorizations have changed over time. To view the top risks for each year by ranking position see the previous reports.
Source: Â鶹´«Ã½app Commercial
Source: Â鶹´«Ã½app Commercial
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