Climate risk, cyber concerns, and financial volatility are the top emerging risks according to an annual survey of risk managers. Providing insights on emerging risks over time, the 15th Annual Emerging Risk Survey is sponsored by the Joint Risk Management Section (JRMS) of the Canadian Institute of Actuaries (CIA), the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA).
The survey found that climate risk ranks as the highest emerging risk that respondents were concerned about at 26 percent, followed by cyber risks, financial volatility, demographic shifts and disruptive technologies. Risk managers also indicated that current risks on their minds include pandemics (27 percent), followed by climate risk and financial volatility.
“This survey report provides deep insight into what risk experts see as ones to watch in the near-term, including climate risk,” said report author, Max J. Rudolph, FSA, CFA, CERA, MAAA, of Rudolph Financial Consulting, LLC. Rudolph also noted, “It’s important to keep in mind this is a list of ‘emerging risks.’ Many risk managers were actively involved in creating pandemic plans from the business continuity perspective, and others participated in strong reactive plans that managed the impact and risks of the current COVID-19 pandemic.”
The anonymous online survey was completed in November 2021 and included 153 participants, primarily in North America, with additional responses from Europe, Asia, South America, Africa and the Middle East.