Each year, the risk environment continues to evolve exponentially, forcing organizations to level up or get left behind. This year was no different. With the expanded use of technologies like artificial intelligence, continuing geopolitical instability, and impacts of climate change, among other risks, there are increased demands on risk professionals to manage the complexities of ever-changing and interconnected risk. 

Risk professionals from 240 organizations across more than 20 industries responded to the 2024 State of Risk report survey. Respondents to this year’s survey occupy roles responsible for insurable risk, safety, enterprise risk management, and compliance; they hold positions as varied as C-level executives to senior management, line managers, and individual contributors. A clear divide emerged between those setting themselves up for success and those who are at risk of falling behind, whether due to a false sense of security, complacency, or lack of resources.

Based on responses to the survey, this year’s report outlines the key trends and analysis of the previous year in risk. It also offers recommendations on how to translate these insights into action and better prepare your organization. A preview of the trends addressed in the 2024 State of Risk report includes:

• In a highly dynamic risk environment, standing still means getting passed, but running wild means recklessly absorbing risk — establishing balance is key 
• Even the most novel emerging risks have familiar elements — leverage what already works to help manage those components
• The risk professionals of yesterday  will struggle in this environment — there are tangible steps you can take to redefine the modern risk professional

Feeling prepared requires nothing, but being prepared requires action.