Aon’s Survey of C-Suite Leaders — 2023’s Top Business Risks

Every year Aon does a risk management survey and contacts several thousand C-suite leaders and executives to get their opinions. This year’s survey got information from 3,000 of them from 61 countries.

Aon CEO Greg Case said cyber attacks and business interruption were numbers one and two again this year. 

“The world is more volatile, reflecting a series of profound transitions across trade, technology, weather and workforce issues that have awoken business leaders to the increasingly interconnected nature of risk and people challenges,” he said.

Moving up the list this year is the inability of executives to attract and retain talent.

Case said “competitive employee value propositions and well-being strategies” have become very, very important to corporations as many are experiencing “chronic” employee shortages and demands from employees wanting a better work-life balance.

Those demands could lead to shortages in the workforce.

Aon’s survey also noted — surprise — that risks due to climate change and from artificial intelligence are missing from the top-10. Andy Marcell is Aon’s CEO of risk capital and CEO of reinsurance solutions. He wonders if risk managers just aren’t aware of the effects these two issues can have on a corporation.

“What is more confounding are the risks that are noticeably unaccounted for in leaders’ assessments of the challenges they must address, notably climate risk,” Marcell said. “What leaders need now are insights from advanced analytics and modeling alongside innovative parametric solutions that will help them make better decisions today and protect them in the future.”

Here are the top-10 concerns from the survey:

1. Cyber attack or data breach

2. Business interruption

3. Economic slowdown – Slow economic recovery

4. Failure to attract or keep top talent

5. Regulatory – legislative changes

6. Supply chain or distribution failure

7. Commodity price risk – materials scarcity

8. Damage to brand – reputation

9. Failure to innovate – meet customer needs

10. Increasing competition

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