A major research report has revealed a looming poly-crisis as a series of high-impact risk events are occurring simultaneously and exacerbating a multitude of interconnected risks. This includes ongoing economic uncertainty, the cost-of-living crisis, the Ukraine crisis and growing geopolitical turmoil, labour shortages, along with extreme weather events fuelled by the climate crisis.
These are the findings revealed in Risk in Focus – the Internal Auditors’ annual Risk in Focus report produced in partnership with 15 European Institutes of Internal Auditors. Risk in Focus 2024 is the result of a survey of over 700 Chief Internal Auditors across Europe on the risks their businesses are expecting to face in the year ahead.
The top 10 risks for Risk in Focus 2024
- Cybersecurity and data security (84 %)
- Human capital, diversity, talent management and retention (57 %)
- Macroeconomic and geopolitical uncertainty (43 %)
- Change in laws and regulations (43 %)
- Business continuity, operational resilience, crisis management and disasters response (35 %)
- Digital disruption, new technology and AI (33 %)
- Climate change, biodiversity and environmental sustainability (32 %)
- Supply chain, outsourcing and ‘nth’ party risk (30 %)
- Market changes, competition and changing consumer behaviour (30 %)
- Financial, liquidity and insolvency risks (26 %)