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The metaverse fails to impress
The metaverse promises to herald a new age of virtual connectivity, yet Brits remain unimpressed, according to a global survey. While 37 per cent of respondents say they would take part in the virtual ecosystem, fewer than one in four (23 per cent) UK employees want to join in. In fact, one in ten Brits say…
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Remote working helps engage staff
Remote working helps engage staff in their tasks as a new study on meeting shows, according to the Harvard Business Review. Managers have consistently worried that remote working is not a true replacement for in-office work. Despite the success many organisations made of homeworking during the pandemic, several businesses are desperate for staff to return on…
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EU strengthens regulation targeting deforestation
The European Union has agreed to strengthen regulation targeting products that contribute to deforestation. New regulation aims to set strong, mandatory due diligence rules for companies importing to or exporting from Europe. Businesses will need to prove that their products do not contain materials produced deforested land. Commodities affected include cattle, poultry, cocoa, coffee, palm oil,…
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Pessimism dominates Europe’s boardrooms
Pessimism dominates Europe’s boardrooms as the energy crisis and rampant inflation continue to weigh down business confidence. Over a third (34 per cent) of chief executive officers (CEOs) in ERT’s latest survey said they plan to temporarily cut investment spending because of high energy prices. In addition, 15 per cent said such cuts would be permanent. New…
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Geopolitics and ransomware attacks top cyberrisk concerns
Geopolitics and ransomware attacks lead the list of cyberrisk concerns for global businesses, according to Allianz. In addition, businesses say they are worried about government-backed attacks against companies, infrastructure and supply chains because of the war in Ukraine and other global, political tensions. “The cyber risk landscape doesn’t allow for any resting on laurels,” said Scott Sayce,…
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Supply chain waste costs businesses $163 billion annually
Supply chain waste costs businesses $163 billion annually, according to recent research. Most commonly, goods either exceed their sell-by date while in transit or the waste arises from overproduction. In fact, according to the report The missing billions by Avery Dennison, about 8 per cent of all products end up as waste. Mis-matched investment Companies are aware…
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Businesses failing the digital trust test
Businesses are failing the digital trust test as their ability to protect customers lags expectations, according to a survey by McKinsey. It found that while 70 per cent of consumers trust the companies they do business with to protect data, 57 per cent of executives in those companies said they had suffered a material data…
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Financial firms struggling to quantify climate-related risk
Financial firms are struggling to quantify climate-related risk, according to the sector watchdog the Prudential Regulatory Authority (PRA). After analysing audit reports for 2021-2022, it wrote to firms in October highlighting key areas of note. Firms have taken action to enhance governance, data and risk assessments relating to climate change. However, auditors failed to identify specific risks…
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Cyberattack preparations may not be robust enough
Cyberattack preparations may not be robust enough to withstand real attacks at many organisations, according to a recent report. The analyst IDC said that 85 per cent of organisations have playbooks for cyber intrusion detection, prevention and response. In addition, over nine out of ten (92 per cent) said their data resilience are efficient or highly…
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Interconnected risks becoming systemic
Large-scale interconnected risk events are becoming systemic, according to a survey of chief audit executives. Organisations must regard crisis as the new normality and update their risk frameworks accordingly. In fact, that traditional crisis management teams are ill-equipped to deal with non-stop emergencies. In particular, events such as the pandemic, climate change and the war in…
