Executive Perspectives on Top Risks for 2024 and 2034 Key issues discussed in the boardroom and C-suite The ever-changing risk landscape and the overall perceived magnitude and severity of risks should prompt boards and executives to scrutinize 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 organization is sufficiently agile and resilient to thrive in a decade of disruption?If our organization is being disrupted, how would we know and when would we know it? The focus today is on agility and resilience as much as it is on prevention and detection. Get Exclusive Access to Top Risks Insights Our Top Risks content goes beyond just one report. By opting in, you'll stay ahead of the curve and receive our latest Top Risks insights directly to your inbox. Sign Up Now 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. Periodic risk management is insufficient in today’s rapidly changing environment. Top 10 Risks in 2024 and 2034 Top 10 Risks in 2024 Economic conditions, including inflationary pressuresAbility to attract, develop and retain top talent, manage shifts in labor expectations, and address succession challengesCyber threatsThird-party risksHeightened regulatory changes and scrutinyAdoption of digital technologies requiring new skills in short supplyExisting operations and legacy IT infrastructure unable to meet performance expectations as well as “born digital” competitorsChange in current interest rate environmentIncreases in labor costsEnsuring privacy and compliance with growing identity protection expectations Top 10 Risks in 2034 Cyber threatsAbility to attract, develop and retain top talent, manage shifts in labor expectations, and address succession challengesAdoption of digital technologies requiring new skills in short supplyRapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forcesHeightened regulatory changes and scrutinyThird-party risksEconomic conditions, including inflationary pressuresExisting operations and legacy IT infrastructure unable to meet performance expectations as well as “born digital” competitorsIncreases in labor costsInability to utilize rigorous data analytics to achieve market intelligence and increase productivity and efficiency Analysis Breakdown By Industry By Executive Position By Geography By Organization Size & Type By Industry 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 organizations’ 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.Sign up to be notified when insights from these industry groups are released:Consumer Products and ServicesEnergy and UtilitiesFinancial ServicesGovernmentHealthcareHigher EducationManufacturing and DistributionPrivate EquityTechnology, Media and Telecommunications By Executive Position 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 organization’s risk profile.Sign up to be notified when insights from these executive positions are released:Board MemberChief Audit ExecutivesChief Data/Digital OfficersChief Executive OfficersChief Financial OfficersChief Human Resources OfficersChief Information/Technology OfficersChief Legal Officers/General CounselsChief Risk OfficersChief Innovation/Transformation Officers By Geography The variation in the nature and types of risks included in the top five risks for the eight geographic regions is worth noting. Sign up to be notified when insights from these geographic regions are released:Africa HQ OrganizationsAustralia/New Zealand HQ OrganizationsAsia HQ OrganizationsEurope HQ OrganizationsIndia HQ OrganizationsLatin America/South America HQ OrganizationsMiddle East HQ OrganizationsNorth America HQ Organizations By Organization Size & Type Organizations 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.Sign up to be notified when insights from these demographics are released:Organization Type: Governmental organizationsNot-for-profit organizationsPrivately held for-profit companies with IPO plansPrivately held for-profit companies with no IPO plansPublic companiesOrganization Size: Revenues $10 billion or greaterRevenues $1 billion to $9.99 billionRevenues $100 million to $999 millionRevenues less than $100 million Download materials and resources Pro Briefcase 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. Pro Document Files 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, organization size, and organization type. Pro person 3 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 organization. Pro Workflow Flowchart 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. Pro Building office 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. Leadership James W. DeLoach Jim DeLoach has more than 35 years of experience and assists companies with responding to government mandates, shareholder demands and a changing business environment in a cost-effective and sustainable manner, including the integration of risk and risk management with ... Learn More Carol Beaumier Carol is a Senior Managing Director in the firm’s Risk and Compliance practice and oversees the firm’s Asia-Pac Financial Services Practice. Prior to joining Protiviti, Carol was a Partner with Arthur Andersen where she led the Global Regulatory Practice; a founding ... Learn More Matthew Moore Matt is a managing director and global leader of Protiviti’s Risk & Compliance practice. He has extensive experience advising clients in matters related to risk management, regulatory compliance, corporate governance and internal controls. Matt helps his ... Learn More Relevant Top Risks Solutions Pro Document Prossonal Employee Experience Today, more than ever before, employees want to work for organizations that put the human experience at the center of all they do. Organizations that create a differentiated employee experience (EX) will attract, retain, and engage the best industry talent. Pro Screen System Integration 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. Pro Legal Briefcase Data Privacy Organizations are experiencing unprecedented change in the data privacy landscape. Changing state, federal, and global regulations are forcing constant business, technical, and legal operational changes. graph Emerging Technologies Organizations 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. Pro Document Consent Regulatory Compliance Disruptive technologies, regulatory pressures, evolving customer loyalty, and pressure to enhance economic returns are just some of the challenges organizations need to overcome by innovating and managing their compliance risks to succeed over the next decade. Pro System Security Risk Management Protiviti helps organizations around the world assess risk and develop tech-enabled solutions to manage risk in an agile manner and minimize potential losses. 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