Health and safety emerges as top risk facing global directors according to WTW’s and Clyde & Co’s latest survey
20 Março 2024 - 8:18AM
Health & safety emerges as the top risk for directors and
officers according to the 2024 Global Directors’ and Officers’
Survey Report from WTW (NASDAQ: WTW), a leading global advisory,
broking, and solutions company, and Clyde & Co, a leading
global law firm.
The survey report identifies and analyses the key risks for
directors and officers worldwide (covering UK, Europe, Asia,
Australasia, Latin America, North America, Africa and the Middle
East). Overall, health and safety was considered the top risk with
84% of global directors, officers and risk managers ranking it as
very or extremely important, closely followed by cyber-attack
(including cyber extortion) risks on 79%. Data loss has dropped in
rank at 3rd place, having ranked 2nd in the previous year. And for
the first time since 2019, the threat of an organisation being a
victim of crime has dropped out of the top seven risks by global
directors.
Other key findings include:
- Emerging Risks. New
entrants in the top risks include systems and controls and breach
of sanctions, reflecting heightened geopolitical tensions and the
increasing complexity of corporate governance.
- Climate Change.
While not in the top seven risks globally, the importance of
climate change remains high in some regions such as Asia,
Australasia and the Middle East, where it has been identified as a
top seven risk.
- Alternative Risk
Transfer. A notable portion of respondents are exploring
or using captives and other mechanisms, indicating a strategic
approach to managing D&O risk despite the softer market
conditions.
Jeremy Wall, Head of Global FINEX, WTW, said: “We are pleased to
be launching the 2024 Global Directors’ and Officers’ Survey Report
in collaboration with Clyde & Co. This year marks our most
expansive survey yet, with contributions from over 50 countries,
and for the first time, our survey includes detailed insights into
Africa, the Middle East and India offering a more nuanced
understanding of regional risk dynamics.
“While the last five years have seen cyber and data breaches
being a top risk for directors and officers, it was a surprise to
see Health & Safety be considered the top risk. Clearly the
pandemic continues to impact the business environment with some of
our clients citing the rise in mental health as a considerable
concern in their organisations. We strongly recommend that
organisations prioritise evolving their risk management practices,
addressing the emerging threats, particularly around health and
safety.”
James Cooper, Partner and Global Chair of the Insurance
Practice, Clyde & Co, said: “The report underscores the dynamic
and complex nature of the risk landscape currently facing
directors. What we have seen is that there is a pressing need for
better education on D&O insurance and indemnification practices
to ensure directors and officers are comprehensively protected. By
leveraging the insights and recommendations from this report,
organisations can better navigate these challenges, enhancing their
resilience and strategic response to risks.”
The complete survey can be downloaded here.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led
solutions in the areas of people, risk and capital. Leveraging the
global view and local expertise of our colleagues serving 140
countries and markets, we help organizations sharpen their
strategy, enhance organizational resilience, motivate their
workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover
opportunities for sustainable success—and provide perspective that
moves you. Learn more at wtwco.com.
Media Contacts
Sarah BookerSarah.booker@wtwco.com / +44 (0)7917 722040
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