Climate and cyber top Canadian emerging risks survey

Climate risk, cyber concerns, and financial volatility are the top emerging risks according to an annual survey of risk managers conducted by the Canadian actuarial profession.

Providing insights on emerging risks over time, the 15th Annual Emerging Risk Survey is sponsored by the Joint Risk Management Section of the Canadian Institute of Actuaries (CIA), the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA).

Focusing on a single emerging risk, the survey found that climate risk ranks highest at 26%, followed by cyber risks, financial volatility, demographic shifts and disruptive technologies.

Risk managers also indicated that current risks on their minds include pandemics (27%), followed by climate risk and financial volatility.

“This survey report provides deep insight into what risk experts see as ones to watch in the near-term, including climate risk,” said report author, Max Rudolph of Rudolph Financial Consulting.

Rudolph added: “It’s important to keep in mind this is a list of ‘emerging risks.’ Many risk managers were actively involved in creating pandemic plans from the business continuity perspective, and others participated in strong reactive plans that managed the impact and risks of the current COVID-19 pandemic.”

The survey report comes from the JRMS, a professional membership section for those seeking insights on education and research involving risk management.

The anonymous online survey was completed in November 2021 and included 153 participants, primarily in North America.

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