+44 (0) 207 605 8000 Twitter LinkedIn Member Area
Looking Glass

A Winmark report on the 2022/23 risk landscape produced in association with Clyde & Co

The Looking Glass Report

With every passing year, the risk landscape becomes increasingly fast-moving and unpredictable. COVID-19 has seriously tested the resilience and agility of all organisations. Leaders have been forced to accelerate digital transformation (whilst maintaining robust infrastructure and data security); respond to rapidly changing customer behaviour and sustain organisational culture and employee well-being in the face of drastic upheaval. All of this on top of an already difficult political, economic and regulatory environment.

To explore how organisations are dealing with this complex global risk landscape, we consulted +140 senior business leaders from organisations across a wide range of sectors and with a truly global footprint. In a time of increased departmental integration and demand for inter-disciplinary expertise, we also extended the study to take an enterprise-wide view, gaining the perspective of Board Directors, CEOs and General Counsel (GC) as well as other senior C-Suite executives.

This first report examines the overall risk landscape, focusing on the three areas of risk that business leaders expect to have the biggest impact on their business in the next two to three years: People, Regulation and Technology. This will be followed by second report taking a deep-dive into three topics currently dominating Board agendas — digital transformation, climate-change and post-Covid risk. Our final report will explore the rapidly changing role of the General Counsel.

Click here to download

The Evolving Global Risk Landscape in 2022/23

What are the key risks facing business leaders and how has the risk landscape evolved in the last couple of years? Are Boards and management ready to tackle these new challenges?

Watch The Video

The 2022/23 Risk Landscape: Key themes

The three areas of risk that business leaders expect to have the biggest impact on their business in the next two to three years are People, Regulation and Technology.

People risk is identified as the highest impact risk overall. The ability to attract and retain staff will become of even greater importance as a driver of competitive advantage. Staff well-being will continue to be a priority in order to attract staff, aid retention and ensure that higher numbers of remote workers are fully supported.

Dealing with an increasingly regulated global business environment is expected to have a bigger impact on GCs specifically than any other risk. Multinational organisations are particularly concerned about the complexities of managing multiple international regulatory regimes. GRC (governance, risk management, and compliance) technology is becoming an increasingly important tool to manage this complexity.

Remote working, acceleration of ecommerce and growing digitisation of operations have significantly heightened concerns about data security.

Supply vulnerability will lead to the following long-term changes: – Diversity of supply to strengthen resilience. Some production is likely to end up closer to home as companies manage their exposure to geopolitical tensions. – Reassessment of the balance between inventory efficiency and resilience.

Climate change has increased significantly as a risk management priority. Leaders are grappling with how they should identify, assess, and manage climate-related risks. They are also evaluating how they will balance a drive for ‘purpose’ with the need to be profitable.

Top six risks identified by Board members, C-Suite executives and General Counsels

People challenges - talent management & succession planning
Increased regulatory & compliance burden
Technological risks - IT disruption, data loss, new tech
Economic risks - global economy, currency volatility, reliance on USD
Organisational challenges including operational change
Climate change risks - liabilities, natural disasters, energy transition

Navigate the 2022/23 Risk Landscape

Read the full report to discover which risks are increasing and whether boards and executive teams feel they are fully prepared to deal with the challenges.

Click here to download

Neil May, Chief Operating Officer, Thackray Williams

“We take the well-being and the mental health of our staff even more seriously than we did before. And I’ve seen other firms do so too. We communicate a lot: we have had weekly calls, including with people who were furloughed, and we’ve done numerous staff surveys. We do a lot of talking and listening and have a specific budget for counselling. We start every board meeting talking about our people and well-being and every partner meeting checking in on how people and their teams are.”

Neil May

Shaun Johnson, Vice President - Legal, Miahona, Saudi Arabia

“ESG has increased in its prominence at Board level, although I think in this region (Middle East) it gets lower priority than in other developed jurisdictions. Our group of companies have recently put all of our C-Suite executives (including in our subsidiaries), through Board training programs which focused on ESG (including the UN’s 17 sustainability goals and best practice in governance). The driver for this Board level and c-suite training is to instil an ethos in the culture of our group to ensure these issues are on the minds of every senior executive as they carry out their day to day activities.”

Shaun Johnson

Find out how Winmark helps Board Directors, C-Suite Executives and General Counsels manage risks through peer-to-peer learning and connections.

About Winmark

To download the content fill the form below: