Political risk, cybersecurity, bribery and oil price and financial markets fluctuations are among chief concerns for businesses according to UK risk managers ahead of 2017.
Nicola Crawford, Chair of the Institute of Risk Management (IRM) says that Enterprise Risk Management has never been higher on the agenda; organisations need to ensure that risk in the boardroom is taken seriously to ensure organisational success and longevity.
She says: โ2017 is undoubtedly the year where political risk on the global scale will be one to watch, the effect on markets is unknown with the City of London and the wider stage braced for a hard Brexit and also the fall out of changes to American and European political leadership.
โFactors in both the micro and macro environment should be constantly scanned against a companyโs risk register, business continuity plans tested and stress tests conducted โ reputational risk is also a major factor and examples of how not to manage this have been widely reported in the media.
โDisruptive business models, the Internet of Things and the impact of a more connected world will all be factors changing the way we work. Although these are exciting times, the role of the risk manager has never been more important, with many opportunities and challenges for business. We as an institute are placed to provide the latest in thought leadership, training and qualifications to develop organisations in any sector globally to be risk ready and I invite you to read on to find out more about the risks facing us across the globe.โ
Ian Livsey, Chief Executive of the IRM adds: โ2017 brings its own particular risks with Brexit, political change, cybercrime and security and financial risk. Risk is embedded in all facets of our lives and organisational risk is no different โ the nature of risk is changing as is evident by todayโs macro and micro environments. Risk in inherent in everyday lives and it is fascinating to see just how far this reaches across industries around the world.โ
For more views from IRM members visit the IRM website: https://www.theirm.org/media-centre/press-releases/irm-risk-predictions-2017.aspx.
