A tough economic climate and class actions lawsuits are the biggest challenges facing risk managers in 2004, revealed a Lloyd's poll conducted at the RIMS conference.
The poll of 45 risk managers attending the conference revealed that 38% of respondents cited the economic downturn as their greatest challenge, while a third said class action litigation would pose problems during the year, said a report.
Twenty percent of respondents said corporate government issues would be challenging during the year.
The survey also revealed that risk managers believe there is a large chance of another corporate scandal in the US, with 89% of respondents predicting more within the year.
More than half of the respondents (53%) said they believed the threat of a terrorist attack on US soil was greater now than it was two years ago.
Almost all of the respondents (95%) said intellectual property would become a moderate or major risk in the next five years.
“These findings reflect a new area of risks that corporate boards can no longer ignore,” said Lloyd's chairman Lord Levene.
“It's critical for senior management to take a holistic approach to managing risk, taking into account a wide range of risks that can affect their business.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
