Operational and reputational risk has risen to the top of the agenda as public scrutiny of business intensifies, according to a survey of CEOs from leading UK companies.
The report, which questioned 151 CEOs about their investment plans for the future and the issues affecting their business, found that business leaders are investing more time in seeking to understand the new pressures facing their businesses, such a cyber security, with 80 per cent saying they had sought training to help them meet these challenges.
42 per cent of CEOs said they had no plans to invest in new workforce training over the next three years, except to maintain current business needs. The report does however say that, in light of the uncertainty surrounding Brexit, it is perhaps more important now than ever that businesses invest in the skills needed for the future, enabling them to adapt quickly as political events unfold.
In addition, 60 per cent said they had not invested in emerging technology over the last 12 months and have no plans to do so in the next three years. “Companies are still resistant to open up their cheque books,” the report reads.
“The financial crisis was a chastening experience for many and has left some business leaders inherently risk averse and unwilling to invest in anything but the tried and tested products and technology.
“However, this cautious approach could see British businesses risk missing out on new opportunities, which will instead be seized by their international counterparts who are investing now.”
At Beavis Morgan, we are able to assist with all aspects of business performance, including ensuring that adequate measures are put in place to reduce risk and protect the health of your business, both now and for the future.