Economic risk is the primary concern for business leaders worldwide, according to the first global CNA Hardy Risk and Confidence Survey released Monday.
Economic risk was cited by 22% of the respondents worldwide, ranking in the top two risks in every region surveyed. That put it ahead of cyber (19%), technology (14%) and political risk (13%).
The report called the top three business risks — economic, cyber and technology — “global, inter-connected and complex.”
“In our view, companies need more than the traditional financial and legal skills if they are to manage these risks,” according to the report. “They also need a broader, more diverse range of skills on the board to help identify and manage the threats to brand reputation posed, for example, by failure to prepare adequately for Brexit or a disruption to the supply chain caused by a cyber attack. Organizations also need to think about embedding a more proactive approach to loss and risk prevention. Stronger leadership teams, operating within a more proactive risk culture, will be better placed to make the strategic investments…
