Last year financial, liquidity and insolvency risk ranked well outside the top five risks to businesses, when cybersecurity, changes in laws and regulations, and digital disruption were the top concerns. However, research by the Chartered Institute of Internal Auditors ranked it as the number one risk, up from ninth place.

Other top risks exacerbated by concerns about the economic outlook included market changes, competition and changing consumer behaviour, macroeconomic and geopolitical uncertainty, talent management and retention and supply chains. This means that businesses continue to face the ‘perfect storm’ of interconnected risks.

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