A report from BDO highlights that 84% of international business leaders feel the global risk landscape is increasingly dominated by crises. As a result, executives are adopting a defensive stance, with a significant rise in those being 'risk averse' or 'risk minimising'. Only a minority of executives report being proactive about risk management. Key risks include regulatory challenges, supply chain concerns, talent retention, geopolitical issues, environmental factors, and cybercrime. CEOs are questioning the effectiveness of compliance-driven approaches, which can limit potential growth opportunities.
The risk landscape for businesses has been in flux for more than a decade and shows no sign of stabilising. Faced with this relentless volatility, some business leaders are being too hesitant to take decisions and paralysed by the fear of what could go wrong.
However, CEOs surveyed were critical of compliance overspend, suggesting that current risk management strategies are failing to deliver value.
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