Risk Management Trends in 2023
From quiet quitting to inflation to the waves of layoffs, today’s business leaders are facing unique challenges. With such uncertainty, understanding risk management trends faced in 2023 has never been more important.
Before we get into the trends to expect this year, let’s first discuss what a risk management trend is:
Risks companies typically face result from financial instability, legal troubles, technology problems, management errors, etc.
Risk Management processes are responsibilities that fall to the department leaders within a company. Department leaders need to identify, assess, and control threats to an organization’s earnings that occur within their department.
4 risk management trends – 2023:
- With louder calls from customers for more privacy, companies need to ramp up focus on data privacy. Failure to do so would put a company in risk of not meeting compliance laws and upsetting customers, ultimately resulting in economic losses.
- Cyber security has become a huge risk that companies should prioritize. Organizations need to be able to securely communicate with a hybrid workforce and gain access to the digital information and resources they need, when they need it.
Relates Research: Cybersecurity Is A First Priority: What Do EA Leaders Do?
- New changes in the workplace and workforce may lead to challenges in the running of a business. Businesses face employees quiet quitting or a partial workforce resistant to change to new technology tools and processes in an increasingly technological and rapidly changing workplace. Creating opportunities to upskill employees, motivating them from remote locations, or even learning when to spot necessary turnover, business leaders need to get ahead of these risks.
Related Article: The Workplace in 2023: Overcoming the Quiet Quitting Era
- The economy may significantly restrict company growth. With Inflation and huge employee layoffs across many industries, meeting company goals may require strategic planning and mitigating.
Related Article: Technology and Business Layoffs, The Silent Dance of Productivity
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