The year 2020 undoubtedly was defined by the global pandemic. This had huge economic impacts that forced companies to adjust rapidly on various fronts. All crises provoke some level of introspection, whether personal, organisational, or societal. The Covid-19 pandemic has taught us that new risks can emerge at lightning speed and profoundly impact across-the-board.
The Institute of Internal Auditors (IIA) released an insightful report, ‘OnRisk 2021’, which yields valuable clues on risks for 2021. The Big-4 Accounting firms, Gartners, etc, released yearly predictive reports on emerging risks. The information and observations offer organisations the opportunity to carry out their introspective examinations of risk management.
“The definition of risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Risk is part and parcel of modern economic theory. As social, business, and government institutions have become more complex, global, and entwined, mastering the art and science of risk management has become ever-more imperative — and elusive” – The IIA.
The top risks for 2021 identified in studies and surveys are…
