{"id":6160,"date":"2023-01-19T15:31:55","date_gmt":"2023-01-19T20:31:55","guid":{"rendered":"https:\/\/www.innovators.org\/?p=6160"},"modified":"2023-01-19T15:43:15","modified_gmt":"2023-01-19T20:43:15","slug":"2023-business-risks","status":"publish","type":"post","link":"https:\/\/www.innovators.org\/stage\/blog\/2023-business-risks\/","title":{"rendered":"Are You Prepared for \u201cthe Riskiest Year\u201d in Business?"},"content":{"rendered":"<p class=\"p1\">While I like to start the year on a positive note, I feel compelled to share with you an article on a serious topic: What do you foresee for your company in 2023 in terms of your company\u2019s biggest business risks? <span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">One business leader I follow is Jim DeLoach, managing director of <a href=\"https:\/\/www.protiviti.com\/ca-en\"><span class=\"s2\">Protiviti<\/span><\/a>, member of Forbes\u2019 CFO network and regular contributor to Forbes magazine.<span class=\"Apple-converted-space\">\u00a0 <\/span>DeLoach describes himself as a person with<\/span><span class=\"s3\"> \u201can abundance of curiosity about how accomplished people lead and succeed\u201d who loves \u201cworking with talented people who are focused on solving complex problems with innovative solutions.\u201d I think that makes him a perfect person for Innovators Alliance to tune into.<\/span><\/p>\n<p class=\"p1\">Are you having trouble finding and keeping talent, coping with disruptions, and adapting to changes in workplace culture?<span class=\"Apple-converted-space\">\u00a0 <\/span>If so, you\u2019re not alone, according to DeLoach.<\/p>\n<p class=\"p1\">In an <a href=\"https:\/\/blog.nacdonline.org\/posts\/top-risks-2023-global?utm_medium=social%2520&amp;utm_source=linkedin&amp;utm_campaign=blog\"><span class=\"s2\">article for NACD BoardTalk<\/span><\/a>, he outlined the 10 highest-ranked global risk themes for businesses based on a recent global survey of 1,034 C-level executives and directors.<span class=\"Apple-converted-space\">\u00a0 <\/span>The global survey participants view 2023 as \u201cthe riskiest year in more than a decade.\u201d<\/p>\n<p class=\"p2\">The<strong> top 4 critical uncertainties<\/strong> companies face over the next year are:<\/p>\n<ol class=\"ol1\">\n<li class=\"li2\">Succession challenges and the ability to attract and retain top talent \u2026 may limit the ability to achieve operational targets.<\/li>\n<li class=\"li2\">Economic conditions in the company\u2019s market may significantly restrict growth opportunities.<\/li>\n<li class=\"li2\">Anticipated increases in labor costs may affect the ability to meet profitability targets.<\/li>\n<li class=\"li2\">Resistance to change may restrict \u2026 making adjustments to the business model and core operations.<\/li>\n<\/ol>\n<p class=\"p3\"><span class=\"s1\"><a href=\"https:\/\/blog.nacdonline.org\/posts\/top-risks-2023-global?utm_medium=social%2520&amp;utm_source=linkedin&amp;utm_campaign=blog\">Read the full article about the 10 highest-ranked global risk themes<\/a><\/span><span class=\"s2\">.<\/span><\/p>\n<p class=\"p1\">As I see it, there are 3 clusters of concern in the top 10 risks:<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span><\/p>\n<ul>\n<li class=\"p1\"><span style=\"text-decoration: underline;\"><strong>People<\/strong><\/span>: succession challenges (finding and keeping top talent) are closely related to how people are involved in the organization.<span class=\"Apple-converted-space\">\u00a0 <\/span>Is the business attending to the need to upskill and reskill employees? Is the workplace culture attuned to cultural changes affecting workplaces?<\/li>\n<li class=\"p1\"><span style=\"text-decoration: underline;\"><strong>Economics<\/strong><\/span>: market conditions, labour costs, supply chain uncertainty and timely identification of market opportunities.<\/li>\n<li class=\"p1\"><span style=\"text-decoration: underline;\"><strong>Organizational flexibility<\/strong><\/span>: to adapt to changes in employee expectations about workplace culture, to adopt digital technologies, and to manage an unexpected crisis that significantly impacts operations or reputation.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6166\" src=\"https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2023\/01\/Untitled-design-1-300x251.png\" alt=\"\" width=\"300\" height=\"251\" \/><\/p>\n<p>DeLoach comments that while cybersecurity and data privacy are still significant priorities, they didn\u2019t make it into the top 10 which indicates the seriousness of the other top concerns.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">\u201cAs leaders look forward to the next 12 months, \u2026\u201d DeLoach remarks, \u201cBoards should consider these risk themes and takeaways in evaluating their risk oversight focus for the coming year\u2026<span class=\"Apple-converted-space\">\u00a0 <\/span><b>If senior leadership has not identified or prioritized these issues as matters to consider in managing the business going forward, directors should consider their relevance to the company\u2019s strategy and business model and ask why not.<\/b>\u201d<\/p>\n<p class=\"p1\"><strong>Read the full article <a href=\"https:\/\/blog.nacdonline.org\/posts\/top-risks-2023-global?utm_medium=social%2520&amp;utm_source=linkedin&amp;utm_campaign=blog\"><span class=\"s1\">here<\/span><\/a><\/strong>.<\/p>\n<blockquote>\n<p class=\"p3\"><em>\u201cPrepare for the worst but hope for the best.\u201d<\/em><\/p>\n<p class=\"p3\">Benjamin Disraeli<\/p>\n<\/blockquote>\n<p class=\"p1\">If you understand the value of learning with and from other like-minded entrepreneurs, consider attending an Innovators Alliance event. Innovators Alliance is Canada\u2019s most valued \u2018idea ecosystem\u2019 for entrepreneurs, developed by entrepreneurs.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">Join us in-person or virtually in 2023 to explore a fit for you and your business. You\u2019ll meet other business innovators, share knowledge about handling business challenges, and discuss solutions in an atmosphere of confidentiality, respect and mutual support.<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>While I like to start the year on a positive note, I feel compelled to share with you an article on a serious topic: What do you foresee for your company in 2023 in terms of your company\u2019s biggest business risks? \u00a0 One business leader I follow is Jim DeLoach, managing director of Protiviti, member [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":5,"featured_media":6164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[11,14,17],"tags":[101,102,103],"class_list":["post-6160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-why-innovate","category-marketing-innovation","category-business-process-innovation","tag-business-risks","tag-business-strategy","tag-business-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are You Prepared for \u201cthe Riskiest Year\u201d in Business? - Innovators Alliance<\/title>\n<meta name=\"description\" content=\"Does Your Strategy Address Managing Business Risks? 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