There are many studies about the “top risks” that organisations face. The results sometimes correlate, sometimes they don’t. Nonetheless, it’s useful to consider those risks within your own organisation’s context.
According to the Executive Perspectives on Top Risks for 2020 global study conducted by the NC State University, two overarching themes surround most of the top 10 risks: talent and culture; and technology and innovation.
The top 10 also includes various operational concerns with strategic underpinnings, such as succession challenges and the ability to attract and retain top talent.
So what are the top 10 risks for 2020?
Globally, 1,063 board members and executives across a variety of industries participated in this survey. Here’s what they found:
1. Operational resilience, production, and delivery of products and services that are impacted by regulatory changes.
2. Restriction in growth opportunities due to economic conditions.
3. Difficulty in attracting and retaining top talent.
4. Inability to compete with “born digital” players.
5. Restrictions in organisational agility because of resistance to change.
6. Insufficient preparedness for cyber threats.
7. Challenges protecting the company’s security infrastructure.
8. Existing company culture magnifying risk issues.
9. Difficulty sustaining customer loyalty and retention.
10. Workforce training challenges as a result of AI-enabled technologies.
The report is worth reading. You can find it here.
See where your organisation stands agains these risks. Are they included in your risk register? Have they been considered? Are the risks sufficiently mitigated to acceptable levels?