Execs list their top business risks for the next decade

Protiviti’s annual Executive Perspectives on Top Risks study surveyed more than 1,100 board members and C-suite executives from organizations in various industries and identified the top risks facing corporations today and those expected a decade ahead. 

The top risks identified for 2024 include: 

• Economic conditions, including inflationary pressures 

• Ability to attract, develop and retain top talent; manage shifts in labor expectations; and address succession challenges 

• Cyber threats 

• Third-party risks 

• Heightened regulatory changes and scrutiny 

The top risks identified for the coming decade include: 

• Cyber threats 

• Ability to attract, develop and retain top talent; manage shifts in labor expectations; and address succession challenges 

• Adoption of digital technologies requiring new skills in short supply 

• Rapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forces 

• Heightened regulatory changes and scrutiny 

Cybersecurity jumped into the top risks in both the near- and long-term after not making the top five last year, reflecting growing recognition of the impacts of a complex cyber risk landscape. 

Geopolitical tensions are playing a larger role in the cybersecurity landscape, and this is likely only going to increase in the years to come. Competing national interests, nation-state territorial aspirations and global terrorism are powerful forces that can affect cyber risk assessments in particular regions and countries. 

The ability to attract, develop and retain top talent; manage shifts in labor expectations; and address succession challenges will be a challenge for business leaders long-term, as reflected in its ranking as the second-highest risk for 2034. 

Initiatives to incorporate new technologies drive the need to reskill and upskill employees, presenting a challenge both now and in the future. Despite fears about AI replacing jobs, it is clear that technology is a critical part of addressing talent-related risks as it provides opportunities to streamline work and free people up for more strategic and meaningful activities. 

Despite a long-standing talent struggle, companies have not yet cracked the code on long-term talent solutions, so the related risks will persist over the next decade.