Oliver Wyman Identifies Top Risks for Global Businesses in 2017 with Launch of Annual Risk Journal
December 08 2016 - 6:00AM
Business Wire
Oliver Wyman today identified the top three risks facing global
businesses in 2017 as it launches its 6th annual Risk Journal.
The risks are:
- The re-emergence of nationalism and
current political landscape – The most pressing risk businesses
will face in 2017 is the impact of social and political
instability, which is at an all-time high. Recent events in Italy,
the United States and the United Kingdom have shown that voters are
increasingly hostile to international trade and globalization. A
spread of nationalist tendencies in reaction to social trends such
as growing gaps in wealth, generational inequality, and shortfalls
in retirement funding could result in further deterioration in the
political climate. This increased uncertainty could lead to
additional investments being put on hold.
- Technological change – All
industries from automakers, to commodity traders, to banks are
undergoing major shifts as they deal with blistering technological
changes that will accelerate in 2017. Industry incumbents need to
embrace digitization in order to avoid seeing their dominant
position undermined by technology start-ups who are already picking
off some of the most lucrative parts of their business.
- Cyberattacks -- 2016 saw the
ability of the hacking community to have a major influence on world
events, for example during the US elections. These threats are
constantly evolving and lurk in the shadows leaving companies
feeling vulnerable as to what dangers lay ahead.
“As we move into 2017, companies across all industries are
facing significant risk on many fronts – most pressing are the
three we identify in our annual Risk Journal. Each of these risks
constitutes a serious threat on their own, but there is the
potential for companies to be fighting problems on multiple fronts,
making the year ahead even more challenging,” said Barrie
Wilkinson, partner and co-head of EMEA finance & risk practice.
“The main thing that companies can do to respond to these threats
is to use the latest developments in technology to gain access to
more timely risk management and business data and to ensure that
they have the right in-house talent to unleash the power of this
new technology and data.”
Now in its sixth year, the Oliver Wyman Risk Journal explores
rapidly growing interconnected risks and offers insight on how
companies can prepare for and navigate those risks. Articles
included in this year’s Journal focus on a variety of issues the
c-suite is facing including the impact of Brexit, digitization,
compliance pressures and risk management trends.
About Oliver Wyman
With offices in 50+ cities across 26 countries, Oliver Wyman is
a global leader in management consulting that combines deep
industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation.
Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan
Companies [NYSE: MMC]. For more information on Oliver Wyman visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman.
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version on businesswire.com: http://www.businesswire.com/news/home/20161208005116/en/
Oliver WymanFrancine Minadeo,
212-345-6417francine.minadeo@oliverwyman.com
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