Chief Risk Officers Outlook

The 2024 Chief Risk Officers Outlook reveals a volatile global environment where geopolitical relations and domestic political developments are primary concerns. While there is increased optimism regarding technological stability, organizations face severe short-term threats from macroeconomic indicators, cyber risks, and regulatory changes. The report also highlights a tension within the risk function, which is widely seen as providing a competitive edge but is often focused on short-term growth strategies and can potentially block innovation.

• Chief risk officers express extreme concern over global geopolitical and geoeconomic relations, with 96% anticipating widespread volatility for the rest of 2024, a 23 percentage point increase compared to the same period in 2023.
• Regional volatility expectations are highest in the Middle East and North Africa, where 84% of respondents anticipate high, widespread volatility. Significant concern for widespread volatility also exists for the US (40%), Europe (40%), and Sub-Saharan Africa (35%).
• The three external risks most likely to severely impact organizations in the next six months are macroeconomic indicators (76%), cyber risk and criminal activity (71%), and regulatory changes, compliance and enforcement (67%).
• Cyber risk has seen a dramatic increase in perceived severity, rising from 14% of respondents citing it as a concern in mid-2023 to 71% in 2024, driven by geopolitical tensions and the use of generative AI to facilitate cybercrimes.
• Political uncertainty, particularly the US presidential election on 5 November, is increasing economic policy uncertainty and contributing to recessionary forces. Concern regarding elections and political regime change as a severe risk rose by seven percentage points to 43%.
• Regulatory complexity, including the EU AI Act and corporate sustainability reporting, is viewed as a burden that increases business costs and may hinder innovation or place European firms at a competitive disadvantage.
• While 95% of respondents believe an effective risk function provides a competitive edge, there is a strong preference for short-term innovation strategies; for example, 81% of organizations focus on new partnerships or alliances for 'today' versus 24% for a one-year horizon.

APA

World Economic Forum (2024). Chief Risk Officers Outlook. https://www3.weforum.org/docs/WEF_Chief_Risk_Officers_Outlook_2024.pdf

Chicago

World Economic Forum. Chief Risk Officers Outlook. 2024. https://www3.weforum.org/docs/WEF_Chief_Risk_Officers_Outlook_2024.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=Chief Risk Officers Outlook |date=October 2024 |url=https://www3.weforum.org/docs/WEF_Chief_Risk_Officers_Outlook_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2024chief, author = {{World Economic Forum}}, title = {{Chief Risk Officers Outlook}}, institution = {World Economic Forum}, year = {2024}, month = oct, url = {https://www3.weforum.org/docs/WEF_Chief_Risk_Officers_Outlook_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }