Businesses & Risk — An Important Report

Hub International issued a report on how businesses in 10 sectors are managing risk. It found management aware of technological risks, regulatory issues and unrest on a geopolitical scale.

Hub Chairman and CEO Marc Cohen said the report also found few thinking they have the ability to manage those risks.

• 92% worry about rising operating and labor costs affecting profits
• Just 22% are confident they can manage those issues

“Most organizations know about the cracks in their foundation, but awareness alone doesn’t translate into readiness,” Cohen said.

Other issues are a big worry for management.

• 60% of those surveyed worry about AI, cyber and technological-related risks
• Only 21% think they can handle them
• 34% see geopolitical unrest as a threat to profits
• In 2024 that number was 19%
• Just 15% think they can manage how geopolitical risks might impact profits

And how are they managing those risks?

• 50% say they’re operating at a basic risk maturity level
• Just 5% are operating with advanced risk maturity
• Sadly, only 15% of business leaders think employees should also be responsible for risk management

Source link: Business Insurance — https://bit.ly/49k3ING