\n<\/p>\n
SINGAPORE –\u00a0Media
\u00a0<\/p>\n The 2021
\u00a0<\/p>\n The top 10 risks also strongly reflect the current
\u00a0<\/p>\n “The world is a more volatile place and the importance of
\u00a0<\/p>\n Exacerbated by the COVID-19 pandemic, and highlighting
\u00a0<\/p>\n 1. Business
2. Cyber Attacks\/Data Breach<\/p>\n 3. Economic Slowdown\/Slow Recovery<\/p>\n 4. Damage to Reputation\/Brand<\/p>\n 5. Pandemic Risk\/Health Crises<\/p>\n 6. Failure to Innovate\/Meet Customer Needs<\/p>\n 7. Increasing Competition<\/p>\n 8. Accelerated Rates of Change in Market Factors<\/p>\n 9. Failure to Attract or Retain Top Talent<\/p>\n 10. Regulatory\/Legislative Changes<\/p>\n \u00a0<\/p>\n Additional key
“Risk profiles have been and continue to change \u00a0\u00a0as
\nOutReach<\/a>\u00a0– 7 December
\n2021 –\u00a0Aon plc<\/a> (NYSE:
\nAON), a leading global professional services firm, has announced the results of
\nits 2021 Global Risk Management Survey<\/a>,
\nwhich gathers input from thousands of risk managers every two years to identify
\nkey risks and challenges their organisations are facing. The past two years
\nhave proved to be incredibly volatile, with the global COVID-19 pandemic having
\nhad a ripple effect across other types of risk, such as heightened awareness of
\nreputation and cyber, as long-tail risks have become increasingly important to
\nmanage.<\/p>\n
\nedition surveyed more than 2,300 respondents in 60 countries\/territories across
\n16 industries at both public and private companies. With more emphasis
\nand reliance on technology, cyber risk topped the list as the number one
\ncurrent and predicted future risk globally, its highest rank since the
\ninception of the survey. Cyber was also cited in the top 10 list of risks
\nacross each region, industry and respondent type. In Asia Pacific, Business
\nInterruption topped the list, followed by Cyber Attacks.<\/p>\n
\nlandscape, namely COVID-19 and its impact on organisations amidst a backdrop of
\nchallenging market conditions: slower
\nvaccine rollouts, delayed infrastructure projects and workforce shortages. This
\nis testing the ability of firms to manage volatility and make better decisions.
\nOrganisations are shifting their focus from event-based to impact-based risk
\nassessments: for example, business interruption was once seen as a linear risk,
\nbut the COVID-19 pandemic has demonstrated how it can affect multiple
\nindustries and companies simultaneously and globally.<\/p>\n
\nbetter decision making has never been greater, said Lambros Lambrou, CEO of
\nCommercial Risk Solutions at Aon. “Long-tail risks are not single events.
\nThey’re innately interconnected, as we’ve seen with the COVID-19 pandemic
\nfundamentally changing the way the world works, revealing new risks and re-ordering
\npriorities in the C-suite. A preoccupation with managing these immediate risks
\nmay be compromising firms’ ability to invest in managing the risks of
\ntomorrow.”<\/p>\n
\nthe interconnectivity of risk, the top 10 Asia Pacific risks according to the
\n2021 Global Risk Management Survey are: <\/p>\n
\nInterruption<\/p>\n
\nfindings for Asia Pacific include:<\/p>\n\n
\nfive in Asia Pacific, up from 59 in the 2019 survey.<\/li>\n
\nincrease in levels of risk readiness, growing volatility and the changing nature
\nof the top 10 risks led to the highest ever reported loss of income in Asia Pacific
\ncompared to other regions.<\/li>\n
\nreported a loss of income from the top 10 risks, an increase of 14 percent
\ncompared to 2019.<\/li>\n
\nrespondents reported that the Total Cost of Insurable Risk in Asia Pacific was increasing.<\/li>\n
\nor Retain Top Talent ranked at number nine in 2021, compared to number 10 in
\n2019, reinforcing the continued importance of building a resilient workforce.<\/li>\n
\nranks at number 21; however, extreme weather events are occurring regularly in
\nAsia Pacific. Climate change is inherently tied to other, more tangible risks,
\nwhere the immediate impact is measurable, and is considered an underrated risk
\nby Aon.<\/li>\n<\/ul>\n
\nbusinesses and economies emerge from the pandemic. New exposures <\/b>have appeared and
\ntherefore our understanding, readiness and ability to manage and transfer risk
\nmust evolve along with them,” said
\nAnne Corona, CEO, Asia Pacific at Aon. “Several of the top risks identified for
\nAsia Pacific in this year’s survey highlight
\nfour key areas of client need<\/a> and the associated interdependencies
\nof these risks. There is an increasing need to innovate to address these ‘known
\nunknowns.’ As we face unprecedented events, businesses must proactively prepare
\nand manage the current and emerging risk exposures.”<\/p>\n