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Thinking through Uncertainty: CFOs Scrutinize Non-Financial Risk

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12 top enterprise risk management trends in 2023

Enterprise risk management has taken center stage as organizations grapple with the lingering effects of the COVID-19 pandemic, the threat of a recession and the rapid pace of change.

Executives recognize that stronger ERM programs are required to remain competitive in this new era. One aspect of the current risk landscape that companies must contend with is the connectivity of risks.

Businesses are increasingly more interconnected to partners, vendors and suppliers across global markets. As a result, the impact, for example, of a local natural disaster, the ongoing war in the Ukraine or high interest rates can cascade across an entire global supply chain.

Here are 12 security and risk management trends that are reshaping the risk landscape and influencing business continuity planning.

These are also closely related to: "Thinking through Uncertainty: CFOs Scrutinize Non-Financial Risk"

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    Cyber insurance is one of the fastest growing areas of risk cover in the insurance industry as businesses increasingly turn to specialist insurance in an attempt to cover a portion of their enterprise risk.

     Cyber risk is notoriously difficult to quantify and businesses face an arduous choice in deciding which risks to manage themselves and which risks to transfer to the insurance market.

     This article dips a toe into this emerging risk area and outlines some steps businesses can take to make better informed risk mitigation decisions.

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    Risk management is a must for anyone who aspires to be a leader or manager. There is risk to be addressed at all business levels, and if a leader is unable to manage risk, their upward mobility will disappear. 

    Being a capable risk manager requires awareness and knowledge to uncover potential risks and present them to people best suited to solve the problem. A risk manager doesn't necessarily have to make the fix -- they just need to bring it to the person who can. 

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