Monday, March 27, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

How to Protect Your Business from Top Risks in 2023

November 15, 2022
in Business & Economy, Capacity Building, Economy, SPECIALS
Reading Time: 6 mins read
0
A A
0
Business Risks Forecasts

Business Risks Forecasts

Share on FacebookShare on Twitter

Your business will face five major risks in 2023 and you need to know what to do to limit the impact of these risks on your business.

According to the RiskMap forecast of Control Risks The top five business risks in 2023 and the appropriate responses from business owners are:

Geopolitical Risk – Defiance, decoupling and deconfliction in the US China relationship

The US-China relationship is the greatest geopolitical risk for businesses in 2023. Armed conflict between the US and China remains very unlikely in 2023, but competition and confrontation are moving from the trade and technology realms into the military domain. Companies in 2023 must be alert to the prospect of an accident or miscalculation involving US and Chinese military vessels operating in Asia. Businesses must monitor efforts to decouple critical supply chains. Rising bilateral tensions will not affect all companies equally. Strategic and high-tech sectors in both countries will face rising political risks; many in less sensitive industries will continue to experience business-as-usual conditions.

Security Risk – War, and all that goes with it

In 2023 war, or the prospect of war on several timelines and triggers should be high on everyone’s risk register. There will be continuing risk of escalation and overspill from the Ukraine-Russia conflict. The complex commercial, operational, reputational, supply chain and sanctions risks from this war means many are considering what these would look like in the event of a conflict in East Asia. The likelihood of such an event in 2023 is very low, but certainly significant enough to warrant the planning that many firms are now engaged in. Beyond these spheres, proxy conflicts and perennial flashpoints could disrupt trade and energy security.

Operational Risk – Managing while adapting: surviving the energy disruption

Managing energy disruption while pursuing adaptation, will be the main operational risk to business in 2023. Energy has returned as the main driver of global disruption, and this will be a permanent, systemic change.  There will be no return to a pre-2022 stability and businesses should plan not only to survive the short-term price and supply shock, but how to thrive in a new, comprehensively re-wired, global energy system. Companies will need a strategic approach to three key drivers of disruption that will shape business operations in 2023 and beyond: the weaponisation of energy; technological advances accelerating the energy transition and unavoidable decarbonisation targets.

Cyber Risk – The end of global networks is coming

In 2023, expect the emergence of a fundamental breakdown of global networks into distinct regional, or even national architectures, caused by the weaponisation of cyberspace and a clash of national interests. The ambition of operating a single, global network will be significantly challenged. Enabled by an expanded attack surface and a significant increase in automation across the entire spectrum of cyber threats, the cyber arms race will accelerate in 2023. In parallel to this weaponisation, states are looking to exert more control over what some have already defined as their national cyberspace. Network and system resilience will be tested like never before in 2023.

Regulatory Risk – Economic headwinds bring regulatory turbulence

Our top regulatory risk for the year is the turbulence caused by government responses to tougher economic conditions and fiscal fragility. Governments will be targeting revenue and striving to steady state finances. Wherever they turn, the corporate world will feel the heat one way or another.  Whether through windfall taxes, trade restrictions or protectionist supply-chain mandates, corporates will be targeted when governments need to shore up their finances and bolster populist credentials. In some cases, regulatory changes will constitute a short-term pain, but governments may also seize the moment to make structural and long-term changes – to taxation, to investment rules, to trading restrictions.

The RiskMap is the annual forecast of Control Risks, a global organisation that specialises in risk consultancy and committed to helping clients build organisations that are secure, compliant and resilient in an age of ever-changing risk and connectivity.

Commenting of the RiskMap for 2023, Control Risks Chief Executive Officer, Nick Allan warned that: “2023 will see more geopolitical and economic volatility accompanied by operational challenges in energy and digital networks. The increasingly apparent effects of a changing climate will add additional stresses and strains. Resilience, insight, and courage will be the watchwords for business in the year ahead.”

ALSO READ

  • Sex: Ladies share virginity challenges
  • NDIC To Bank Customers: “Come and Collect Your Remaining Funds in 20 Closed Banks”
  • How I turned my “small” travel blog to a 6-figure business-Female Blogpreneur
  • How to Register your Business for Free with CAC
  • 10 Lucrative Side Hustles to Support your Business
  • How 37 Hospitals shared over N35 billion COVID-19 fund-ICIR Report
  • Fuel Subsidy: Palliatives Measures must precede removal-BudgIT
  • Again, investors frustrate FG’s plan to borrow N225bn
  • Estate Planning Vs Will: What You Need to Know
  • Worsening Finances: FG, NPA struggle to recover $753m debt from 18 terminal operators 
  • EXCLUSIVE! 5 Locations for Quality Children’s Clothes at Good Price in Lagos
  • How to earn 10% interest on your Small Savings
  • How To Keep Your Business Running After Working Hours
  • Why Marriage Helps People Generate More Wealth
  • How I turned my “small” travel blog to a 6-figure business-Female Blogpreneur
  • 10 Lucrative Side Hustles to Support your Business
  • I can get every man I set my eyes on – Lady Reveals
  • The Knock that Prevented Our Wedding Night Experience from Happening – New Bride Reveals
  • 5 Best Sex Positions to Build Up Intimacy with your Partner

Tags: buiness risksCBNControl RisksForexRiskMap
ShareTweetSend
Previous Post

Sex: Ladies share virginity challenges

Next Post

What you need to know: December inflation rate at   21.34%

Related Posts

Business & Economy

Bread and Cereal push Nigeria’s inflation rate to 21.91% in February

March 15, 2023
21
Business & Economy

CBN bows to Supreme Court, says old N200, N500, N1000 remain legal tender

March 13, 2023
52
Business & Economy

Naira scarcity: Nigerians use PoS for 113.5 million transactions in February 

March 13, 2023
13
Business & Economy

Naira Scarcity: Buhari says CBN has no reason not to comply with Supreme Court Judgement on old N500, N1000

March 13, 2023
67
SPECIALS

How Lagos landlord send tenant parking after 6 months, and millions spent to renovate apartment

March 13, 2023
57
Business & Economy

Why FG borrowed N2.13trn in 2mths- DMO

February 21, 2023
35
Next Post
Inflation in December 2022

What you need to know: December inflation rate at   21.34%

INEC

Fuel scarcity could affect 2023 election logistics-INEC warns

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7

Guber Elections: Tech leaders launch Collate, a live-result viewing platform

March 16, 2023

Bread and Cereal push Nigeria’s inflation rate to 21.91% in February

March 15, 2023

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (442)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (319)
  • Education (193)
  • Entertainment (405)
  • Faith (55)
  • Finance (342)
  • Global (103)
  • Guest Columnists (17)
  • Health (56)
  • Health (242)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,305)
  • Politics (376)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (88)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (74)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam