Aviva launches first Risk Insights Report
Commissioned by Aviva with YouGov, the first Risk Insights Report canvassed the opinions of 1,260 business leaders from organisations of all sizes, industries and locations across the UK.
The report charts the top concerns on the minds of British employers, with Covid-19, Brexit, and business and supply chain interruption dominating the top three spots.
You can view and download the full report on our new Risk Solutions website here:
https://www.aviva.co.uk/risksolutions/aviva-risk-insights-report/
What are the top 10 risks facing UK businesses?*
- Public Health Events – 46%
- Changes in legislation and regulation – 35%
- Business and supply chain interruption – 32%
- Loss of reputation and brand value – 29%
- Cyber security and cyber incidents – 27%
- Macroeconomic developments – 26%
- The health and mental wellbeing of employees – 19%
- Shortage of skilled workforce – 17%
- Market developments – 16%
- New and changing technology - 16%
Nick Major, Interim Managing Director, Commercial Insurance, Aviva, said, “Businesses have had to deal with a tremendous amount of uncertainty in the past year, and the agility and determination they have shown in response to the challenges they have faced has been extraordinary.
“The pandemic has underscored how increasingly interconnected and complex the risk landscape is; the importance of a strategic, proactive programme of risk management and prevention has never been clearer.
“Looking ahead, the challenge for businesses will be to juggle a multitude of pressing risk management priorities: managing the uncertainty of operating in a current pandemic, knock-on risks such as supply chain disruption, emerging risks such as cyber, while not forgetting fire and flood, and the evolving threat of climate change, which in the long-term post some of the disastrous risks to business. The ability to manage the immediate threat, but retain an eye on the evolving and longer-term risks is going to be critical for business.
“The explosion of homeworking and the move online through successive lockdowns has created an opportunity for cyber criminals; as our dependency on technology grows, so too must our emphasis on the prevention and protection from the increasing threat of cyber attacks. Cyber is now one of the biggest risks businesses face.
“British businesses are strong and resilient, and will emerge from the challenges of the current pandemic and Brexit. But evolving risks such as cyber and climate change remain the most significant long-term threats, not just for business, but for society. Failure to address the climate emergency now jeopardises our collective future, and UK businesses have a responsibility to act today to ensure a better tomorrow.”
Supporting you and your clients with the risks ahead
At a time where 83% of businesses recognize the need to maintain or increase their focus on risk management strategies, quick access to expert guidance and support is key. Aviva’s report coincides with the launch of the new Aviva risk management website to assist all businesses large or small, access to a guidance to help identify, understand and mitigate the current and importantly new emerging risks they face.
The new website can be found at https://www.aviva.co.uk/risksolutions/
*Business leaders were asked to select up to five risks. The table ranks the top risks by the proportion of businesses that stated that risk is one of the five risks they are most exposed to