top risks 2020

Which companies were good to their customers, suppliers and surrounding communities? For countries and companies already caught in the middle of the trade and technology rivalries since 2018, the squeeze between US and Chinese pressures now looms even larger and closer than it did in January. This finding suggests the need for dialogue at the highest levels of the organization to ensure everyone agrees on the most critical enterprise risks. The disruption to our very sense of time is profound but little discussed – so much else is more urgent. Top risks and megatrends 2020 Airmic annual survey report. Respondents remain noticeably concerned about the ability of their organizations — relative to competitors — to adjust their existing operations, IT infrastructure and digital capabilities to meet performance expectations. Activists are taking to the digital streets in large numbers as physical restrictions and violent repression make cyber activism an increasingly effective tool for projecting opinions. Which companies laid off workers, and how many? And a world waiting for the US to elect – or re-elect – a president will not wait idly on the side lines. Global companies will come under increasing pressure to ensure their diversity, inclusion and ethics policies meet the moment. Most of the few attempts at cooperation – sending ventilators or other supplies to countries in need – came undone amid claims of mismanagement, fraud or political ill will. President Recep Tayyip Erdogan has entered a period of steep political decline. Just as the world entered the crisis with a crunching of gears and multiple wrong turns, it is reversing out of it in the same manner. Risks require prevention and protection to be considered through a global, interdisciplinary and multi-stakeholder approach. A Trump victory would set the United States up for four more years of withdrawal from the multilateral world order, while a narrow Trump loss could cause domestic political turmoil. It is a risk that executives may want to focus their attention on, as it signals a noticeable concern that employees across the organization may be aware of risks, but for whatever reason, are reluctant to escalate them to executive management or the board. Working at Height. 10. The COVID-19 crisis provides a concrete illustration of the growing connectivity of risks, which AXA presented as one of the main findings of last year’s report. [1] “Executive Perspectives on Top Risks 2020,” Protiviti and North Carolina State University’s ERM Initiative. Helping organisations succeed in a volatile world, © Control Risks Group Holdings Ltd registration no.01548306, 5. Jim DeLoach has over 35 years of experience and is a member of Protiviti’s Solutions Leadership Team. 8. For most companies today, it’s not a question of whether digital will upend their business, but when. Our organization’s … Each of the issues, and many more identified in our trends report, represent a potential area of risk. The WHO. Economic distress and healthcare inequality will underpin new political challenges. TURKEY. That risk concern raced from the number 10 position in 2018 to the number one position for 2019. 3 Theft and fraud. AI-enabled technologies will greatly influence — often by enabling and sometimes by making more complex — how companies design and manage their labor models. This framework might include, on the human side, outsourcing and offshoring, consulting partnerships, interim staffing, business process as a service (BPaaS) relationships, managed services and a variety of “human cloud” arrangements. They also have more time on their hands. How is your internet connection holding up? World leaders, each in their own patch, will continue to act unilaterally. To download, select the icon from the top right-hand corner of this page. And for just about everyone, the question of what happened yesterday, last week or last month has become a distorted guessing game. Protiviti’s Jim DeLoach provides an update from the ERM Initiative of the various risks organizations face relative to two years ago. While no one knows that for sure, economic growth has, in fact, declined in the U.S., China and other countries. The pandemic, however, seems to be the moment the world wasn’t waiting for, and apparently wasn’t prepared for, either. Simply stated, technology is expected to support and shape the components of the workforce by offering additional capabilities that, if applied intelligently, will increase quality, compress elapsed time, reduce costs and enhance scalability. Added to our 2020 survey, this risk debuted in the top 10, reflecting an overall concern among survey respondents that the adoption of digital technologies — such as artificial intelligence (AI), robotics and natural language processing — in their organizations may require new skills that either are in short supply or require significant efforts to upskill and reskill existing employees. Economic and social factors are beginning to outweigh public health; for millions across the world, the choice is increasingly between unsustainable hardship and risking infection by continuing to work. For 2020 and beyond, activism and civil unrest have a new driver: the pandemic. The distant, unknowable future usually holds the greatest risk; our comfort zone is the short term, where nothing hides out of sight. Years of simmering populism, nationalism and protectionism were never going to build the sort of trust and transparency countries need to work effectively with each other in a time of crisis. Antifa. In addition to the countless lives lost or damaged, the fabric of business and society is being rewoven into a new pattern. There is some comfort to be taken in this landscape of uncertainty. Download eBook: Top 10 Risk & Compliance Trends for 2020. Systemic racial discrimination in the US – which draws as well from income inequality and is accelerated by the pandemic’s disproportionate blow to racial and ethnic minorities– promises to make the coming year pitched with protest.

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