Aon’s 2023 Global Risk Management Survey: Nordic Region's Focus on Immediate Risk Contrasts Global Long-Term Concerns

STOCKHOLM, Dec 6, 2023 - Aon plc (NYSE: AON), a leading global professional services firm, last week shared the firm’s bi-annual Global Risk Management Survey which offers a comparative analysis of risk perception between the Nordic region and the global market. The report highlights a notable contrast in risk prioritization, with Nordic countries concentrating on immediate threats, such as cyber-attacks, compared to the global focus on long-term challenges, such as talent retention.

The 2023 Global Risk Management Survey, gathers input from close to 3,000 risk managers, C-suite leaders and other executives from 61 countries and territories to identify their most-pressing business challenges.

The top risks identified for the Nordic region are:

1. Cyber Attacks/Data Breach
2. Business Interruption
3. Commodity Price Risk/Scarcity of Materials
4. Supply Chain or Distribution Failure
5. Damage to Reputation/Brand
6. Failure to Attract or Retain Top Talent
7. Geopolitical Volatility
8. Regulatory/Legislative Changes
9. Economic Slowdown/Slow Recovery
10. Failure to Innovate/Meet Customer Needs

This ranking contrasts with global risks, where economic slowdown, regulatory changes, and competition are more prominently featured. Notably, geopolitical volatility emerges as a uniquely critical risk in the Nordic region.

“Nordic businesses are navigating a landscape marked by dynamic challenges,” said Karl Roquet, CEO Sweden & Chief Commercial Officer Nordic. “We’ve had a period where geopolitical conflicts in our vicinity have had an impact on business including supply chain failure. This could explain the myopic focus when it comes to risk in the Nordics. The survey underscores a critical need for strategic risk management in the face of evolving uncertainties.”

1. Overall, the top ten global risks according to the 2023 Global Risk Management Survey are: Cyber Attacks/Data Breach
2. Business Interruption
3. Economic Slowdown/Slow Recovery
4. Failure to Attract or Retain Top Talent
5. Regulatory/Legislative Changes
6. Supply Chain or Distribution Failure
7. Commodity Price Risk/Scarcity of Materials
8. Damage to Reputation/Brand
9. Failure to Innovate/Meet Customer Needs
10. Increasing Competition

Looking ahead, Nordic respondents anticipate the following as the top five risks in the next three years:

1. Cyber Attacks/Data Breach
2. Commodity Price Risk/Scarcity of Materials
3. Geopolitical Volatility
4. Business Interruption
5. Supply Chain or Distribution Failure

These projections underscore the region's focus on material scarcity and geopolitical factors, diverging from the global emphasis on economic slowdown and talent-related risks.

Global respondents anticipate the following as the top five risks in the next three years:

1. Cyber Attacks/Data Breach
2. Economic Slowdown/Slow Recovery
3. Commodity Price Risk/Scarcity of Materials
4. Failure to Attract or Retain Top Talent
5. Regulatory/Legislative Changes

“Aon’s 2023 Global Risk Management Survey underscores the need for Nordic businesses to balance their immediate risk focus with long-term strategic planning. It highlights the importance of understanding both regional and global specificities in risk management and encourages businesses to adapt to both current and emerging challenges,” said Roquet.

The full Nordic Global Risk Management Survey report is available here.

About Aon

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