Global businesses have identified health and safety risk as their top priority, ahead of cyber-attacks, data loss and regulatory breaches, according to a survey by Clyde & Co. Its annual Global directors’ and officers’ liability report 2024 found that social risks had climbed significantly, with health and safety ranking first as a concern for 86 per cent of respondents. “It is unclear what the precise reason is for this rise in concern but, certainly in the UK, 2023 saw highly-publicised fines levied on major corporations (e.g. Network Rail, Morrisons, Serco and Transport f ..read more

SAI360 is excited to bring you our 2024 GRC Benchmark Report as part of a co-creation between The Hague University of Applied Sciences, Johnson Controls, Thought Leader Global and SAI360. The survey objectives are not only to understand current practices, but also to facilitate a comparative analysis across organizations, providing a basis to benchmark corporations that fall within the profile of those surveyed. This Report focuses on the annual cost of compliance whilst touching on a variety of topics from AI and deep learning to ESG and more. This GRC benchmark report covers the following an ..read more

Compared with 2023, financial markets have turned “quite optimistic” in light of a softer landing from high inflation, according to an annual report by the International Monetary Fund (IMF). While the near-term global financial stability risks have receded in the expectation that disinflation is controlled, the medium-term picture is less rosy. “So far, cracks in the financial system—unmasked by high interest rates during the monetary tightening cycle—have not ruptured further,” the report said – citing a lack of contagion following bank collapses in the US and Switzerland in 2023. “Finan ..read more

Large (74 per cent) and medium-sized (70 per cent) businesses and high income charities (66 per cent) reported having experienced a cyber security breach or attack over the past year, according to the government’s annual survey on the issue. Respondents said that the most common form of breach was phishing – businesses 84 per cent and charities 83 per cent. This was followed by others impersonating organisations (35 per cent) and viruses and malware (17 per cent). Controls rising “The most common cyber threats are relatively unsophisticated, so government guidance advises businesses ..read more

Organisations plan to boost internal audit coverage over the potential risks arising from the deployment of AI technology, according to a survey by Gartner. For example, planned internal audit coverage for AI-enabled cyber threats and AI control failures leapt from 10 per cent each in 2023 to an expected 52 and 51 per cent in 2024 among chief audit executives, the report said. Internal audits over unreliable outputs from AI models jumped from 14 per cent in 2023 to a planned 42 per cent in 2024. Confidence gaps “Perhaps the most striking finding from this data is the degree to which inter ..read more

With organizations always looking to scale, the interactions between staff, vendors, and deals become multifaceted. These interactions pose a significant risk due to potential unethical decision-making when conflicts of interest arise. To mitigate these risks, organizations are expected to have robust policies in place that cultivate trust and transparency for stakeholders. Failing to do so can have vast repercussions when it comes to reputation, integrity, investors and the many regulations set in place globally. In this eBook, we delve into the multifarious aspects of conflicts of interest a ..read more

Construction businesses must begin complying with transitional arrangements set up by the new Building Safety Regulator (BSR). While the rules have been in force for new builds since October last year, the transitional rules for existing projects begin in April 2024. Under regulations brought in under the Building Safety Act of 2022, those responsible for building, financing and designing most high-rise buildings (those of at least eighteen metres or 7 storeys in height) must manage risks, satisfy competency requirements and co-operate with each other during the construction pro ..read more

Retailers have had a torrid time over the past four years – with many having to rapidly roll out online-only services during the pandemic. While there will be a continuing focus on developing technology-based services, physical stores seem here to stay, according to a recent survey. “Despite the many challenges, our respondents were broadly positive about their prospects and profitability for the next few years,” said WTW’s Global retail survey report for 2024. “Most will continue to have physical stores. And even businesses that are currently online only envisage having some physica ..read more

The ‘Spring 2024’ edition of the Enterprise Risk magazine is available to read here. Download Link ..read more

Rules intended to embed environmental, governance and social requirements into EU-based companies’ supply chains have struggled to gain acceptance. German and Italian officials recently failed to back measures under the European Commission’s Corporate sustainability and due diligence initiative, which would have required greater scrutiny of corporate supply chains. In a revised version of the rules, only companies with more than 1000 employees and a turnover of €300 million or more will be affected. That is an increase in size from the original proposal of 500 employees and €150 mill ..read more