Risks Confronting Boards: Overall Importance to your Organization (Part I)
More than 200 board members identified the risks of most concern to their organizations.
For the first time in the seven years we’ve conducted this survey, senior management succession planning (out of fourteen possible risks*) has emerged as a top concern. It is top of mind for not-for-profit directors and the second most concerning risk for directors of public and private organizations.
This year’s survey continues to see cybersecurity risk as a top trending concern. Both public and private directors rank cybersecurity as the overall most important risk, with 55% and 59% respectively ranking it in their top three.
While it’s interesting to understand what’s top of mind, how a board manages the risks they’ve identified paints another picture. So, what are boards doing about these risks? Stay tuned…
*Surveyed risks include: competition, crisis management, cybersecurity, emerging markets upheaval, failure of critical infrastructure (disaster recovery), financial reporting, fraud, geopolitical volatility, global economic slowdown, key skills deficits, liquidity, product, regulatory compliance, and senior management succession planning.