I came across an interesting report jointly drafted by the North Carolina State University Poole College of Management’s Enterprise Risk Management Initiative and Protiviti. For the report, over 800 C-Suite executives from global organizations across a variety of fields were asked to identify risks they were watching in 2019. The results of the top 10 are as follows:
- Existing operations meeting performance expectations, competing against “born digital” firms
- Succession challenges and ability to attract and retain top talent
- Regulatory changes and regulatory scrutiny
- Cyber threats
- Resistance to change operations
- Rapid speed of disruptive innovations and new technologies
- Privacy/identity management and information security
- Inability to utilize analytics and big data
- Organization’s culture may not sufficiently encourage timely identification and escalation of risk issues
- Sustaining customer loyalty and retention.
The biggest jump on the list was “digital readiness” up from number 10 in 2018 to number 1 in 2019. How does this compare with your organization?
For those interested, the entire report can be found here: https://erm.ncsu.edu/library/research-report/top-risks-report-2019-executive-perspectives