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Extreme weather events are a lower risk to profitability than health and safety incidents despite businesses perceiving them as higher


BCI 2019 Horizon Scan reveals the gap between perception and reality


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The annual BCI 2019 Horizon Scan has highlighted the gap between what companies perceive as biggest risks to their operations over the next year and those events that have the most effect on profitability. The annual report, published in association with BSI, analyses the risks and threats recognized by 569 organizations worldwide, comparing these against the impact of actual disruptions over the past year. For the year ahead, organizations are most concerned about high-impact events, including cyber-attacks, IT outages and extreme weather events, despite the fact that other incidents recurred more often and have


a cumulatively higher impact. The clearest example of this is health and


safety risks. The 2019 Horizon Scan totalled up the costs for surveyed organizations which suffered losses of more than 7 percent of annual turnover, and found that health and safety incidents cost $1.186 billion in 2018. Despite the frequency and cumulative cost of these incidents, organizations continue to perceive their impact as relatively low, ranking them twelfth on the list of top risks for 2019. Howard Kerr, Chief Executive at BSI, commented: “It is easy for leaders to be kept awake at night by high-profile risks such as cyber-attacks, technology disruptions and


IT outages. But they must not ignore the smaller, more frequent risks that steadily erode the bottom line. Achieving true Organizational Resilience means identifying not only the big risks but also the under- rated issues that can easily be missed.” The report also records that organizations with business continuity plans in place for more than a year suffer fewer disruptions than their peers; they report lower losses (6%) than the average (7%) from disruptions in the last twelve months.


READ THE REPORT CLICK HERE


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