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Economy, Inflation Outrank Talent and Technology as Primary Risk for Global Business Leaders Next Year, Protiviti-NC State University Survey Finds
Disruptive market and geopolitical risks are testing business agility and resilience
MENLO PARK, Calif., Dec. 7, 2023 /PRNewswire/ — Economic pressures and persistent inflation have unseated the war for talent as the top near-term risk facing business leaders around the world, according to a new survey from Protiviti and NC State University’s ERM Initiative. The survey measures the most pressing business risks over the next year as well as the next decade. Beyond the economy and talent market, business leaders are also increasingly concerned about cyber threats in both the near and long-term, with this risk ranking as the top concern of respondents over the next decade.
The 12th annual survey, “Executive Perspectives on Top Risks for 2024 and a Decade Later,” was conducted by global consulting firm Protiviti and the NC State University Poole College of Management’s Enterprise Risk Management (ERM) Initiative. The study surveyed more than 1,100 board members and C-suite executives from organizations worldwide in a variety of industries, asking them to rate 36 macroeconomic, strategic and operational risks on a sliding 1-10 scale across one-year (2024) and one-decade (2034) time horizons.
The Top Risks for 2024
There was significant turnover in the top risks over the coming year, with six falling out of this year’s top ten list for 2024 versus last year, including the top near-term risk. Economic conditions and inflationary pressures emerged as the top near-term risk for 2024. Continuing a trend highlighted by the last two years’ surveys, finding and retaining talent while managing culture and workplace evolution remained a major concern. Of the 36 macroeconomic, strategic and operational risks assessed in the survey, the top five risks identified for 2024 are:
- Economic conditions, including inflationary pressures
- Ability to attract, develop and retain top talent, manage shifts in labor expectations, and address succession challenges
- Cyber threats
- Third-party risks
- Heightened regulatory changes and scrutiny
The Top Risks for 2034
Survey respondents also rated the expected impact of the same 36 risks for a decade out, into 2034, assessing how the risk landscape might shift over the coming decade. The top five risks identified for 2034 are:
- Cyber threats
- Ability to attract, develop and retain top talent, manage shifts in labor expectations, and address succession challenges
- Adoption of digital technologies requiring new skills in short supply
- Rapid speed of disruptive innovations enabled by new and emerging technologies and/or other market forces
- Heightened regulatory changes and scrutiny
“The economy, inflation and cybersecurity clearly loom large on the executive risk agenda, but the best leaders realize that all these risks are intertwined and need to be addressed as a whole, not in parts,” said Matt Moore, global leader, Risk and Compliance, at Protiviti. “C-suites and boards need to be nimble to address concerns on a variety of strategic and operational fronts and keep pace with the speed of change. Leaders are expected to manage multiple external risks effectively without disruptions to operations, productivity or profitability.”
Although not recorded as a top risk, geopolitical events had a significant ripple effect across the risk landscape. Before the events that took place in the Middle East on October 7, 2023, the survey found that no risk issues were rated at the “Significant Impact” level for 2024, but in the responses gathered following the attacks, many risks increased and four risk issues were rated at the “Significant Impact” level.
“It is still an open question of whether or not recent economic developments and central bank policies will lead to a soft landing or a recession that would force organizations to make dramatic changes,” said Carol Beaumier, a senior managing director in Protiviti’s Risk and Compliance solution and leader of the firm’s global thought leadership program. “Alongside this uncertain economic picture has come regulatory change in wide-ranging and pervasive areas, meaning that business leaders need to plan for a range of outcomes as to how these changes will affect their operations.”
Looking out a decade, cybersecurity is the most pressing risk issue, with the risk rating for cyber threats increasing by more than 11% over last year’s survey – by far the largest risk rating increase noted in the survey’s history. Dr. Mark Beasley, professor of Enterprise Risk Management, director of NC State’s ERM Initiative and co-author of the report, said, “While the economy is the top-ranked risk for the coming year, cyber threats jumped to the top of the list when leaders assessed both near- and long-term outlooks, after not being a top-five risk at all last year. This jump reflects the growing recognition of the complex cyber risk landscape that is impacted by the exponential curve of technological advances and how seriously leaders are taking these threats.”
“Over the next decade, technologies such as artificial intelligence, cloud, and the anticipated emergence of quantum computing will change how organizations secure their data, raising significant security-related questions,” said Sameer Ansari, Protiviti global Security & Privacy lead. “To adapt quickly to new technologies, many organizations are increasing reliance on outsourcing and co-sourcing arrangements to achieve operational and go-to-market objectives. Additional risks arise as organizations must ensure their third-party partners, are complying with current laws and regulations to ensure their data and their customers’ data is secure.”
How Companies Can Take Action
No matter the time horizon, this year’s survey results highlight important steps executives should take to protect their companies against risk and maximize their chances of future success. The report from Protiviti and NC State’s ERM Initiative outlines the next steps that executives should take to address key areas of concern, including:
- Navigating an uncertain economic environment
- The cyber issues executives should be thinking about
- Forging ahead with artificial intelligence capabilities
- Embracing new talent strategies
- Understanding and managing the geopolitical risk landscape
Resources Available
The “Executive Perspectives on Top Risks for 2024 and a Decade Later” report from Protiviti and NC State University’s ERM Initiative provides detailed results and analysis broken out by company type, size, industry, geographic region and respondent role. The report, along with a global webinar series, an infographic, and a podcast about the survey results, is available for complimentary download here. Protiviti’s global webinar series kicks off with a one-hour panel discussion hosted by Protiviti’s Matthew Moore and featuring executives from Protiviti, MacroPolicy Perspectives, and Prudential Financial to discuss the implications of the survey’s findings on January 11, 2024 at 11pm ET. Attendance is free with registration here.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and our independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, digital, legal, HR, governance, risk and internal audit through our network of more than 85 offices in over 25 countries.
Named to the 2023 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 80 percent of Fortune 100 and nearly 80 percent of Fortune 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half Inc. (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
About North Carolina State University’s Enterprise Risk Management (ERM) Initiative
The Enterprise Risk Management (ERM) Initiative in the Poole College of Management at North Carolina State University provides thought leadership about ERM practices and their integration with strategy and corporate governance. Faculty in the ERM Initiative frequently work with boards of directors and senior management teams helping them link ERM to strategy and governance, host executive workshops and educational training sessions, and issue research and thought papers on practical approaches to implementing more effective risk oversight techniques (www.erm.ncsu.edu).
Protiviti is not licensed or registered as a public accounting firm and does not issue opinions on financial statements or offer attestation services.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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