Executive Perspectives on Top Risks for 2023 and 2032 Download Key issues being discussed around the globe in the boardroom and C-suite The level of uncertainty in today’s global marketplace and the velocity of change continue to produce a multitude of potential risks that can disrupt an organisation’s business model and strategy on very short notice. Unfolding events in Eastern Europe, changes in government leadership in several countries around the globe, escalating inflation, rising interest rates, ever-present cyber threats, competition for talent and specialised skill sets, continued disruptions in global supply chains, rapidly developing technologies … these represent just a sampling of the complex web of drivers of risks that may threaten an organisation’s achievement of its objectives. Uncertainty and risk are here to stay. Keeping abreast of emerging risk issues and market opportunities is critical to improving organisational resilience. To help executives and boards better identify potential risks on the horizon, Protiviti and NC State University’s ERM Initiative are pleased to provide this report focusing on the top risks currently on the minds of boards of directors and senior executives around the globe. This report contains results from our 11th annual worldwide risk survey of more than 1,300 directors and executives to obtain their views on the extent to which a broad collection of risks is likely to affect their organisations over the next year — 2023. In addition to insights about near-term risks in 2023, we also asked respondents to consider how these risks will affect their organisations a decade from now (in 2032). Download Top risks for 2023 Organisation's succession challenges and ability to attract and retain top talent in a tightening talent market may limit ability to achieve operational targets Economic conditions in markets we currently serve may significantly restrict growth opportunities Anticipated increases in labor costs may affect ability to meet profitability targets Resistance to change may restrict the organisation from making necessary adjustments to the business model and core operations Uncertainty surrounding core supply chain ecosystem Changes in the overall work environment may lead to challenges in sustaining culture and the conduct of the business Adoption of digital technologies may require new skills in short supply, requiring significant efforts to reskill/upskill employees Organisation's culture may not sufficiently encourage the timely identification and escalation of risk issues Approach to managing demands on or expectations of a significant portion of workforce to work remotely or as part of a hybrid work environment Organisation may not be sufficiently resilient and/or agile to manage an unexpected crisis Top risks for 2032 Organisation's succession challenges and ability to attract and retain top talent in a tightening talent market may limit ability to achieve operational targets Adoption of digital technologies may require new skills in short supply, requiring significant efforts to reskill/upskill employees Rapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forces may outpace ability to compete Resistance to change may restrict the organisation from making necessary adjustments to the business model and core operations Ensuring privacy and compliance with growing identity protection expectations may require significant resources Existing operations and legacy IT infrastructure may not be able to meet performance expectations as well as "born digital" competitors Inability to utilise data analytics and "big data" to achieve market intelligence and increase productivity and efficiency Economic conditions in markets we currently serve may significantly restrict growth opportunities Regulatory changes and regulatory scrutiny may heighten, noticeably affecting how products or services will be produced or delivered Anticipated increases in labor costs may affect ability to meet profitability targets We appreciate the support our annual survey continues to receive from board members and C-level executives around the world. I believe that the insights and recommendations in this report reflect the challenges and opportunities of our times and merit close attention in the boardroom and C-suite. Pat Scott Resources and download materials Global executive summary This executive summary provides a brief description of our methodology and an overview of the overall risk concerns for 2023 and 2032, followed by a series of calls to action and a review of the results by type of executive position. Download PDF Full report Our full report contains extensive analysis of key insights about top risk concerns across a number of different dimensions, including a breakdown by industry, size of company, type of ownership structure, and geographic locations of company headquarters. Download PDF APAC results infographic Discover the top 10 risks identified by executives in Hong Kong. An organisation’s culture, resistance to change and disruptive technology are just a few risks that can impact your organisation’s success. View the infographic to discover more. Download PDF Podcast Dr. Mark Beasley, Professor of Enterprise Risk Management and Director of the ERM Initiative in the Poole College of Management at NC State University, and Protiviti Managing Director Jim DeLoach share their insights on the top risks issues and related trends impacting organisations worldwide. Listen Webinar Please join us for a discussion of the top risks identified in our survey, including people- and culture-related concerns as organisations face a disruptive decade requiring agility and resilience to succeed. Register Press release Disruption and Ongoing Economic Uncertainty Among Top Concerns of Global Business Leaders, Protiviti-NC State University Survey Finds View press release ESG top risks brief ESG risks, sustainability reporting and its related operational activities are on executives’ radar this year and in 2032. We break down the findings. Download PDF Top-ranking risks for CFOs The latest Top Risks Survey found that global uncertainty, disruption, talent, and culture are among the challenges facing CFOs in both the near and long term. Learn More Top risks webinar question guide Responses to selected questions received during January webinar on Executive Perspectives on Top Risks for 2023 & 2032. Read More Risky Women Podcast | Executive Perspectives On Top Risks Welcome to Protiviti’s Executive Perspectives on Top Risks Series on Risky Women Radio, where we highlight key takeaways from Protiviti’s Top Risks Survey. Listen Now 2023 Top Risks Insurance Infographic Key issues being discussed in the insurance industry’s boardroom and C-suite, according to results from the latest Protiviti-NC State global survey View Infographic Executives are signaling that all of the risks examined are highly relevant, demonstrating that organisations need to be scanning the horizon not only with a lens on operations within the organisation but also with an external view that considers emerging macroeconomic and strategic shifts. Mark Beasley Industry-Specific Insights Consumer Products & Services Industry Manufacturing & Distribution Industry Technology, Media & Telecommunications Industry Energy & Utilities Industry Leadership Adam Johnston Adam is the country market lead for Hong Kong. With over 15 years’ experience, he has spent much of his career consulting to Fortune 500 organisations, helping them solve complex transformation, and resourcing programs and projects. Adam’s specialisation is ... Learn More Jeffrey Hau Jeffrey leads Protiviti Hong Kong's risk and compliance and internal audit practices with more than 20 years of experience in regulatory compliance consulting and auditing. As the leader of the financial services practice, his specific areas of focus include advising ... Learn More Topics Board Matters Risk Management and Regulatory Compliance Industries Healthcare Government Manufacturing and Distribution Technology, Media and Telecommunications Financial Services Energy and Utilities Consumer Products and Services
