Marsh has published the 2023 edition of its UK Business Risk Report, which shows financial uncertainty at the top of the risk pile for more than 2,100 businesses with annual turnover of between £100,000 and £500 million-plus across Britain.
According to Marsh’s poll that was conducted in May and June this year, UK companies are most concerned about the impact of the following risks on their businesses over the next 12 months:
Compared to previous years, however, a smaller percentage of businesses are currently worried about financial uncertainty. In 2021, the statistic was 43%; 2022, 37%. This was attributed to strengthened financial resilience as a result of the pandemic.
The top risk is blamed on rising inflation, energy prices, and raw material costs. Rounding out the top five, meanwhile, are talent retention, attraction, and succession planning (22%) and health and safety of the public and employees (21%).
“The UK risk environment over the last year has been heavily impacted by macroeconomic changes, as well as the trickle-down effects of geopolitical events,” Marsh UK commercial & corporate chief executive Alistair Fraser said in a release.
“From sole traders and fast-growing companies to large established corporates, no commercial entity in the UK is exempt from requiring a robust approach to risk management. This report tells a story of the very broad spectrum of risks facing UK businesses and provides practical advice on how to tackle them, helping strengthen the resilience that they need to grow with confidence.”
The report is available for download here.
What do you think about this story? Share your thoughts in the comments below.
