Skip to main content
Opens in a new tab External site
Hero banner Banner
Ninth Edition

Global Risk Management Survey

Download Nordic Results View Global Report Contact Us

Nordic Results

Aon’s 2023 Global Risk Management Survey, gathered input from close to 3,000 risk managers, C-suite leaders and other executives from 61 countries and territories to identify their most-pressing business challenges. It is designed to assess business leaders’ attitudes towards risk and risk management in general.

The Global Risk Management Survey also offers a comparative analysis of risk perception between the Nordic region and the global market.

Top 10 Risks Facing Nordic Organizations Now

The report highlights a notable contrast in risk prioritization, with Nordic countries concentrating on immediate threats, such as cyber-attacks, compared to the global focus on long-term challenges, such as talent retention.

The top risks identified for the Nordic region are:

  1. Cyber Attacks/Data Breach
  2. Business Interruption
  3. Commodity Price Risk/Scarcity of Materials
  4. Supply Chain or Distribution Failure
  5. Damage to Reputation/Brand
  6. Failure to Attract or Retain Top Talent
  7. Geopolitical Volatility
  8. Regulatory/Legislative Changes
  9. Economic Slowdown/Slow Recovery
  10. Failure to Innovate/Meet Customer Needs

The ranking for the Nordic region contrasts with global risks, where economic slowdown, regulatory changes, and competition are more prominently featured. Nordic businesses are navigating a landscape marked by dynamic challenges where recent neighboring geopolitical conflicts have had an impact on business including supply chain failure. This could help explain the short-term focus when it comes to risk in the Nordics. The survey underscores a critical need for strategic risk management in the face of evolving uncertainties.

Explore the Global Results

Companies are grappling with traditional risks in new guises across both risk and human capital. How can business leaders best prioritise and respond to them?

View Global Report

Top 5 Risks Facing Nordic Organizations in the Future

Looking ahead, Nordic respondents anticipate the following as the top five risks in the next three years:

  1. Cyber Attacks/Data Breach
  2. Commodity Price Risk/Scarcity of Materials
  3. Geopolitical Volatility
  4. Business Interruption
  5. Supply Chain or Distribution Failure

These projections underscore the Nordic region's focus on material scarcity and geopolitical factors, diverging from the global emphasis on economic slowdown and talent-related risks. Further, a majority of businesses expect an adverse financial impact on the bottom line - 80 percent of Nordic respondents are expecting an increase in their total cost of insurable risk. Still, only 15.2 percent of Nordic respondents are measuring their organization’s total cost of insurable risk.

What Do the Results Mean for Organizations in the Nordic region?

Aon’s 2023 Global Risk Management Survey underscores the need for Nordic businesses to balance their immediate risk focus with long-term strategic planning. It highlights the importance of understanding both regional and global specificities in risk management and encourages businesses to adapt to both current and emerging challenges.

Organizations are operating in a world that is more uncertain than ever. Geopolitical and macroeconomic volatility is increasing and changing the risk landscape rapidly. On top of that, traditional business risks and human capital risks are becoming much more interconnected, making it difficult for organizations to respond to challenges.

In a period of rapid change and heightened volatility, finance, risk, and people leaders need to come together to better understand how these risks connect. The goal should be to form one version of the truth about the strategic and financial significance of their firms’ risk profile, and to follow a united strategy for mitigating, managing, and bringing capital to these exposures.

Better Decisions Start Here

Have a question? Please complete the form below and a member of our team will be in touch. Fields marked with an asterisk (*) are required.

Aon and other Aon group companies will use your personal information to contact you from time to time about other products, services and events that we feel may be of interest to you. All personal information is collected and used in accordance with our privacy statement.

Please click here to manage your communication preferences.