The global risk landscape has become increasingly complex to navigate, and the multitude of risks that organisations face has become ever more interconnected, says Mamun Madaser. He explains that the risk of a polycrisis – defined as a cluster of related global risks with compounding effects, such that the overall impact exceeds the sum of each part – has now become a very real threat. Risk in Focus 2024, a Europe-wide annual research project analysing the top risks faced by businesses, identifies cybersecurity as remaining the biggest threat to organisations. Human capital, diversity, and talent management as the second biggest risk, followed by macroeconomic and geopolitical uncertainty which is ranked jointly with changes in laws and regulations as the third most significant risk. To tackle this, he says internal audit and risk management should work together to build their organisation’s resilience to support them to successfully navigate the more risky, uncertain, and volatile times we face.
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