The war in Ukraine and the cost of living crisis have significantly changed business attitudes on the risks they face with geopolitical tensions exacerbating and intensifying a wide range of business-critical risks.

The second largest risk relates to human capital, diversity and talent management with half of companies pointing to problems with recruitment, retention and pressure on wage bills.

The unstable global environment and macroeconomic uncertainty was the third area of concern, with 46% of chief audit executives stating this posed a major risk to their organisations.