Organisations warned of emerging risks
Currency instability, trade wars, talent shortage and lagging digitisation are some of the biggest threats looming on the horizon, according to a recent survey of risk, audit and compliance executives.
The survey results, compiled by Gartner, suggest organisations of all sizes need to be wary of risks that range from change initiatives, external factors to data privacy failures.
Gartner’s top 10 emerging risks include talent shortage, which could result in an organisation failing to achieve its strategic objectives, and accelerating privacy regulation, which could leave an organisation legally and financially exposed due to complicated statutory regimes covering the use and protection of customer data.
Other risks include pace of change, where large organisations are unable to respond fast enough to the fundamental shifts occurring in the business landscape, and lagging digitisation, where slow-moving transformation initiatives result in stagnant growth, leading organisations to fall behind in their industries.
Fifth on the list is digitisation misconceptions, where the implications of digitisation are not well enough understood or managed, leaving companies exposed to unknown risks.
Others on the list include global currency instability, dated policies and procedures, escalation of existing global conflicts, labor model disruption, and retaliatory tariffs/trade war, which could hinder an organisation’s ability to move products or services across international borders.
According to Gartner, any these risks could quickly cripple an organisation if they materialise.
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