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UK Business Risk Report 2024

What’s putting you at risk? Gain insight into the biggest concerns of 2,000+ UK business leaders and practical steps to help tackle these issues.

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Business leaders like you told us their biggest concerns.

The UK Business Risk Report is full of practical insights to help you tackle these issues.

Financial uncertainty, cybercrime, and talent attraction and retention — the findings detailed in the UK Business Risk Report tell a story of the wide spectrum of risks businesses of all shapes and sizes are facing.

Use this report to:

  • Gain insight into risks that are on your radar and those you may not be aware of.
  • Get practical advice on how to tackle some of the biggest business risks.
  • Realise the benefits that can flow from strategic risk assessment and management.

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Key insights for large corporates:

  • Socio- and geopolitical risks: These risks include pandemics, unrest and conflicts, climate change, activism, and terrorism. Understand and monitor these risks to develop strategies and mitigate the impacts.
  • Economic and financial risks: How will inflation and interest rates affect your operations? For example, they can impact cash flow and access to financing. These issues need to be built into a business continuity plan.
  • Cyber risks: With the increasing prevalence of cybercrimes like ransomware and phishing, it’s essential to invest in robust cybersecurity controls. This includes protecting internal IT networks, reviewing third-party providers’ security measures and staying updated on the latest cyber threats.

Business owners and risk managers can use this report to understand external factors and the risks arising from them that could impact their businesses. Managing risk is part of the day-to-day work of running a business. You’re already aware of the internal risks you face, such as strategic risks and compliance risk. But there may also be external risks you’re unaware of, or you may not appreciate how they can affect your business. You’ll need to address these in combination and build them all into your business risk management strategy.

This report can help you understand and identify risks that could affect you. From major risks to smaller issues, this research can support your risk management strategies and even help you prevent a risk from occurring.

History of the UK Business Risk Report

The UK Business Risk Report started life as the UK SME Risk Report in 2021, produced by Marsh Commercial. This grew from recognising that Marsh’s Global Risk Report was an invaluable resource for organisations worldwide. Marsh Commercial wanted to provide a report and Risk Hub with similar useful, actionable insights for the businesses we service: UK small-to-midsize enterprises (SMEs). Because we wanted to extend these insights to all types and sizes of UK businesses, the survey and report evolved to include not only SMEs but also larger corporate businesses that Marsh and Mercer service. Today, the Marsh McLennan UK Business Risk Report provides an all-inclusive analysis of UK business risks and is an indispensable tool in any organisation’s risk management strategy.

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