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Member, Beacon International Group, Ltd.
A new global survey of 500 C-suite and board-level executives shows those company executives feeling better prepared to manage business and operational risks than in the previous survey two years ago, with business and strategic risks emerging as the top overall risk category of concern.
Following business and strategic risks as the top overall risk categories in the Lloyd's of London's 2011 Risk Index, compiled in collaboration with the Economist Intelligence Unit, were economic, regulatory and market risk; political, crime and security risk; environmental and health risk; and natural hazard risk.
In terms of specific risks, the executives identified loss of customers as the top risk, with the risk of talent and skill shortages rising to No. 2 in the survey from No. 22 in the survey conducted in 2009. Rounding out the top five specific risks cited in the survey were reputational risk, currency fluctuation and changing legislation.
The report noted that cyber risks’ positions in the survey—12 for malicious attacks and 19 for nonmalicious—“appears relatively low given the frequency and potential impact of the risk.”
The report goes on to add, however, that the risk of malicious attacks did make the top five risks cited by North American executives surveyed, coming in at No. 4.
The Lloyd’s Risk Index is based on a survey of 500 executives conducted by the EIU in August. The report can be found at www.lloyds.com.