Operational Risk Horizon 2023

For the past five years, our annual Operational Risk Horizon Study has been canvassing industry opinion on the emerging risk landscape. This year's report features 3 main sections:

1. Emerging risk categories

• Emerging risk categories rankings over a time horizon of 12-36 months
• Appendix 2 of this document features a comprehensive overview of the specific drivers and concerns for each category

2. The external macroenvironment

• An overview of the factors organisations believe could most significantly influence and adversely impact the emerging risk landscape across six macroenvironmental categories
• A list of management actions taken in response to each factor

3. Key risks in focus

• A summary of key points made on three risk areas – emerging technology, digital assets and climate risk

Supporting information and visualisation

This year, we've also published supporting information and a visualisation:

• The supporting information provides you with a comprehensive view of the survey results only, with no analysis
• The interactive visualisation allows you to explore the emerging risk landscape

"While cybersecurity remains reportedly well-managed, and significant breaches are relatively few and far between, cyber threats continue to pose significant concern among respondents."

ORX Operational Risk Horizon 2023 report

The global geopolitical landscape has shifted significantly since our last study Unsurprisingly, geopolitical factors featured more prominently this year than 12 months prior as both business disruption and cyber-related disruption threats loom large.

The highest-ranked risk in the 2023 Operational Risk Horizon study was cybercrime, with 89% of respondents choosing it as one of their top five. The next top risk was business service disruption, reflecting the increased likelihood of simultaneous disruption in a turbulent external macroenvironment.