In India's rapidly evolving risk landscape, technological advancements, geopolitical conflicts, legal challenges, economic fluctuations, emerging business models, natural disasters, social & cultural shifts and demographics changes are forcing businesses to rethink their risk mitigation and business continuity strategies, according to the Horizon Watch Emerging Risk Report.
The report, jointly produced by TATA AIG General Insurance and Dun & Bradstreet India, is based on a survey of 300 business leaders across 25 sectors. It reveals that 83% of businesses cite technological advancements as the top driver of new risks, with growing concerns around data privacy, security vulnerabilities, and regulatory compliance.
About 69% of businesses identify legal challenges as significant contributors to emerging risks. As regulatory landscapes become increasingly complex, companies are more apprehensive about the potential impact of legal disputes on their operations and long-term strategies, according to the report.
It sated that data privacy and protection regulations are a top regulatory risk for 67% of businesses. Additionally, environmental regulations and compliance changes are emerging concerns, as companies struggle to meet increasingly stringent requirements.
While 63% of businesses recognize international conflicts as a major risk, only 19% conduct regular assessments for geopolitical risks, leaving many vulnerable to unforeseen disruptions.
Logistics and transportation disruptions rank as a top concern for 63% of respondents. With ongoing geopolitical tensions and natural disasters, businesses must bolster their resilience against supply chain vulnerabilities.
Nearly 51% of businesses worry about shifting consumer preferences, driven by demographic changes and growing demand for sustainable, digital-first solutions. To remain competitive, companies must swiftly adapt to these evolving trends.
About 48% of businesses express concern over financial instability due to economic downturns, rising interest rates, and inflation, prompting a sharper focus on liquidity and risk management strategies.
"In today's volatile business environment, companies must navigate risks across political, technological, environmental, economic, and competitive fronts. As benign risk environments become a thing of the past, resilience is key to thriving amidst challenges," the report stated.
The report, jointly produced by TATA AIG General Insurance and Dun & Bradstreet India, is based on a survey of 300 business leaders across 25 sectors. It reveals that 83% of businesses cite technological advancements as the top driver of new risks, with growing concerns around data privacy, security vulnerabilities, and regulatory compliance.
About 69% of businesses identify legal challenges as significant contributors to emerging risks. As regulatory landscapes become increasingly complex, companies are more apprehensive about the potential impact of legal disputes on their operations and long-term strategies, according to the report.
It sated that data privacy and protection regulations are a top regulatory risk for 67% of businesses. Additionally, environmental regulations and compliance changes are emerging concerns, as companies struggle to meet increasingly stringent requirements.
While 63% of businesses recognize international conflicts as a major risk, only 19% conduct regular assessments for geopolitical risks, leaving many vulnerable to unforeseen disruptions.
Logistics and transportation disruptions rank as a top concern for 63% of respondents. With ongoing geopolitical tensions and natural disasters, businesses must bolster their resilience against supply chain vulnerabilities.
Nearly 51% of businesses worry about shifting consumer preferences, driven by demographic changes and growing demand for sustainable, digital-first solutions. To remain competitive, companies must swiftly adapt to these evolving trends.
About 48% of businesses express concern over financial instability due to economic downturns, rising interest rates, and inflation, prompting a sharper focus on liquidity and risk management strategies.
"In today's volatile business environment, companies must navigate risks across political, technological, environmental, economic, and competitive fronts. As benign risk environments become a thing of the past, resilience is key to thriving amidst challenges," the report stated.
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