Executive Perspective on Top Risks 2024 and 2034 | Protiviti India

The ever-changing risk landscape and the overall perceived magnitude and severity of risks should prompt boards and executives to scrutinise closely the approaches they use to remain focused on emerging risk issues and to integrate those insights into strategic decision-making.

The 12th annual Top Risks Survey report highlights top-of-mind issues for directors and executives around the globe over the next year - 2024 - and a decade later – 2034.

Now is an opportune time for C-suite executives and their boards to examine closely where to invest – not only to innovate and grow but also to manage risks, preserve market image and branding, and foster a strong recovery when the economy is free of headwinds.

Given the long-term risk landscape, two questions arise for leaders:

What steps should we undertake or continue over the near term to ensure our organisation is sufficiently agile and resilient to thrive in a decade of disruption?
If our organisation is being disrupted, how would we know and when would we know it?

executives identify “cyber threats” as a long-term Top 5 risk.

of leaders flag "economic conditions" as a top risk in 2024.

of leaders identify “attracting and retaining talent” as a top risk in 2034.

Top 10 Risks in 2024

Economic conditions, including inflationary pressures
Ability to attract, develop and retain top talent, manage shifts in labour expectations, and address succession challenges
Cyber threats
Third-party risks
Heightened regulatory changes and scrutiny
Adoption of digital technologies requiring new skills in short supply
Existing operations and legacy IT infrastructure unable to meet performance expectations as well as “born digital” competitors
Change in current interest rate environment
Increases in labour costs
Ensuring privacy and compliance with growing identity protection expectations

Top 10 Risks in 2034

Cyber threats
Ability to attract, develop and retain top talent, manage shifts in labour expectations, and address succession challenges
Adoption of digital technologies requiring new skills in short supply
Rapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forces
Heightened regulatory changes and scrutiny
Third-party risks
Economic conditions, including inflationary pressures
Existing operations and legacy IT infrastructure unable to meet performance expectations as well as “born digital” competitors
Increases in labour costs
Inability to utilise rigorous data analytics to achieve market intelligence and increase productivity and efficiency

By Industry
By Executive Position
By Geography
By Organisation Size & Type

By Industry

5 of the 7 industry groups rate concerns about the economy as a top 5 risk concern

There is a marked contrast in perspectives across industry groups about specific risk concerns, supporting the view that industry context is important to consider.

But given that certain types of organisations’ business models may not fit neatly into a single industry category, reviewing differences in risk concerns across multiple industries may help tease out risks that otherwise could be overlooked.

Consumer Products and Services
Energy and Utilities
Financial Services
Government
Healthcare
Manufacturing and Distribution
Technology, Media and Telecommunications

By Executive Position

4 of the top 5 risks are the same for directors and CEOs for 2024

The results reflect how different roles offer varying perspectives when assessing risks in disparate environments and over longer versus shorter time horizons.

The variation in perspectives calls for more discussion in the C-suite and boardroom to better understand the distinctive views of the risk landscape and obtain a clearer view of the organisation’s risk profile.

Board Member
Chief Audit Executives
Chief Data/Digital Officers
Chief Executive Officers
Chief Financial Officers
Chief Human Resources Officers
Chief Information/Technology Officers
Chief Risk Officers
Chief Strategy/Innovation Officers

By Geography

All 8 geographic regions include succession planning, talent acquisition and retention as “Top 5” risks

The variation in the nature and types of risks included in the top five risks for the eight geographic regions is worth noting.

Africa HQ Organisations
Australia/New Zealand HQ Organisations
Asia HQ Organisations
Europe HQ Organisations
India HQ Organisations
Latin America/South America HQ Organisations
Middle East HQ Organisations
North America HQ Organisations

By Organisation Size & Type

3 of the top 5 risks for 2024 are the same across all size groups: talent, the economy and cyber threats.

Organisations of all sizes perceive the overall, long-term magnitude and severity of risks as higher than two years ago, even though the near-term risk assessment has decreased slightly.

This suggests some general improvement in risk conditions year-over-year, but long-term caution remains.

Organisation Type:

Governmental organisations
Not-for-profit organisations
Privately held for-profit companies with IPO plans
Privately held for-profit companies with no IPO plans
Public companies

Organisation Size:

Revenues $10 billion or greater
Revenues $1 billion to $9.99 billion
Revenues $100 million to $999 million
Revenues less than $100 million

Executive summary

This executive summary provides an overview of the overall risk concerns for 2024 and 2034, followed by a series of calls to action.

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, executive position, geography, organisation size, and organisation type.

Webinars

Join us for an insightful and interactive global webinar series that delves into the interconnected nature of emerging risks and what they mean for your organisation.

Infographic

Our infographic illuminates universal risks across roles, industries and regions, with an emphasis on cultural nuances, unique risks, and what's most top of mind for the Americas, EMEA, and APAC.

Podcast

Hear from some of the Top Risks survey report's co-authors about the key findings and themes, the overall methodology, and the value these insights bring to the board and C-suite.

Employee Experience

Today, more than ever before, employees want to work for organisations that put the human experience at the center of all they do. Organisations that create a differentiated employee experience (EX) will attract, retain, and engage the best industry talent.

Cybersecurity

From the speed of innovation, digital transformation, and economic expectations to evolving cyber threats, the talent gap, and a dynamic regulatory landscape, technology leaders are expected to effectively respond to and manage these competing priorities.

Data Privacy

Organisations are experiencing unprecedented change in the data privacy landscape. Changing state, federal, and global regulations are forcing constant business, technical, and legal operational changes.

Emerging Technologies

Organisations that do not take advantage of new and emerging technologies will find they are outdated and in danger of extinction. However, jumping on the new technology bandwagon without a strategy, roadmap, and business alignment will certainly lead to diminished returns and technology risk exposure.

Regulatory Compliance

Disruptive technologies, regulatory pressures, evolving customer loyalty, and pressure to enhance economic returns are just some of the challenges organisations need to overcome by innovating and managing their compliance risks to succeed over the next decade.

Risk Management

Protiviti helps organisations around the world assess risk and develop tech-enabled solutions to manage risk in an agile manner and minimise potential losses. We bring leading insights and innovative capabilities to help you meet future challenges.