A tough economic climate and class actions lawsuits are the biggest challenges facing risk managers in 2004, revealed a Lloyd's poll conducted at the RIMS conference.
The poll of 45 risk managers attending the conference revealed that 38% of respondents cited the economic downturn as their greatest challenge, while a third said class action litigation would pose problems during the year, said a report.
Twenty percent of respondents said corporate government issues would be challenging during the year.
The survey also revealed that risk managers believe there is a large chance of another corporate scandal in the US, with 89% of respondents predicting more within the year.
More than half of the respondents (53%) said they believed the threat of a terrorist attack on US soil was greater now than it was two years ago.
Almost all of the respondents (95%) said intellectual property would become a moderate or major risk in the next five years.
“These findings reflect a new area of risks that corporate boards can no longer ignore,” said Lloyd's chairman Lord Levene.
“It's critical for senior management to take a holistic approach to managing risk, taking into account a wide range of risks that can affect their business.”
