Stephen Sidebottom

IRM Global Risk Trends 2023

This year we have decided to switch the focus from Risk Predictions to Global Risk Trends, with a more detailed update to our Risk Agenda 2025 survey to follow soon.

The world has never been more complex and volatile, as seen in the daily news and felt in Boardrooms War, climate change, cyber-risks, the energy crises, the cost of living and the fallout from the pandemic is still sending shockwaves around all organisations.

The World Economic Forum has recently published their Global Risks Report, permacrisis is not only the word of the year, but also the context in which people and organisations will need to learn how to navigate: systemic, interrelated challenges and risks increased volatility, shortages in natural resources (biodiversity loss, food, water, metals, and minerals) will be the new normal

As Saadia Zahidi, Managing Director at the World Economic Forum points out: “We are immersed in an era of polycrisis, where lowgrowth, low-investment and low-cooperation era further undermines resilience and the ability to manage future shocks".

With increasing complexity and uncertainty in the business environment, organisations are recognising the importance of proactively identifying and managing risks This will only drive-up demand for skilled Enterprise Risk Management (ERM) professionals who can help organisations make informed decisions.

As risk practitioners know a career in ERM is challenging, but rewarding, as it offers many opportunities for growth and advancement. Risk Managers have never been in more demand across every sector globally

In what seems like an increasingly fractious and changing world, I envisage the business response to global risks evolving throughout 2023 and beyond through investment in risk management capability, assessing and evolving your risk frameworks, continuously improving data insights, and building risk management skills throughout your workforce Thank you to all our Group/Chapter Chairs and Committee members, and our Global Ambassadors for their ongoing support and views for this publication.