The Times Australia
News From Asia

.

Aon Study Finds Business Interruption and Economic Slowdown as Top Risks in South Korea

SEOUL, SOUTH KOREA - Media OutReach - 20 July 2022 - Aon plc (NYSE: AON), a leading global professional services firm, has announced the results of its 2021 Global Risk Management Survey for South Korea.

The study gathers input from thousands of risk managers globally every two years to identify key risks and challenges their organisations are facing. The past two years have proved to be incredibly volatile, with the global COVID-19 pandemic having a ripple effect across other types of risk, such as heightened awareness of reputation and cyber, as long-tail risks have become increasingly important to manage.

The 2021 edition surveyed more than 2,300 respondents in 60 countries/territories across 16 industries at both public and private companies. With more emphasis and reliance on technology, cyber risk topped the list as the number one current and predicted future risk globally, its highest rank since the inception of the survey. In South Korea, Business Interruption and Economic Slowdown topped the list in 2021, while Property Damage and Environmental, Social and Governance risks were cited as two of the projected top five risks for 2024.

The top 10 risks in South Korea strongly reflect the current landscape, namely COVID-19 and its impact on organisations amidst a backdrop of challenging market conditions: supply disruptions, delayed infrastructure projects and workforce shortages. This is testing the ability of firms to manage volatility and make better decisions. Organisations are shifting their focus from event-based to impact-based risk assessments: for example, business interruption was once seen as a linear risk, but COVID-19 and geopolitical risks have demonstrated how it can affect multiple industries and companies simultaneously and globally.

"As we see increasing volatility in South Korea, the importance of decision making has never been greater," said Kevin Kim, CEO, South Korea at Aon. "The COVID-19 pandemic has exacerbated supply risks, inflation and economic slowdown, revealing new risks and re-ordering priorities for organisations. Leaders must manage these immediate risks without compromising firms' ability to invest in managing the risks of tomorrow."

The top 10 risks for South Korea according to the 2021 Global Risk Management Survey are:
1. Business Interruption
2. Economic Slowdown/Slow Recovery
3. Corporate Social Responsibility (Environmental, Social and Governance)
4. Pandemic Risk/Health Crises
5. Increasing Competition
6. Supply Chain or Distribution Failure
7. Accelerated Rates of Change in Market Factors
8. Regulatory/Legislative Changes
9. Property Damage
10. Environmental Risk

Conducted every two years since 2007, Aon's Global Risk Management Survey provides data and insights to enable better decision making around risk in an increasingly volatile and complex business environment. The full report is available here. The report highlights the top 10 risks by industry and region, as well as risk readiness, associated losses and mitigation actions for each of the top 10 risks. In addition, the report includes the predicted top 10 risks in the next three years and Aon's analysis of underrated risks.

Hashtag: #Aon

About Aon

(NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on and . Stay up-to-date by visiting the and sign up for News Alerts .

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Tricia Paoluccio designer to the stars

The Case for Nuturing Creativity in the Classroom, and in our Lives I am an actress and an artist who has had the privilege of sharing my work across many countries, touring my ...

Duke of Dural to Get Rooftop Bar as New Owners Invest in Venue Upgrade

The Duke of Dural, in Sydney’s north-west, is set for a major uplift under new ownership, following its acquisition by hospitality group Good Beer Company this week. Led by resp...

Prefab’s Second Life: Why Australia’s Backyard Boom Needs a Circular Makeover

The humble granny flat is being reimagined not just as a fix for housing shortages, but as a cornerstone of circular, factory-built architecture. But are our systems ready to s...

Melbourne’s Burglary Boom: Break-Ins Surge Nearly 25%

Victorian homeowners are being warned to act now, as rising break-ins and falling arrest rates paint a worrying picture for suburban safety. Melbourne residents are facing an ...

Exploring the Curriculum at a Modern Junior School in Melbourne

Key Highlights The curriculum at junior schools emphasises whole-person development, catering to children’s physical, emotional, and intellectual needs. It ensures early year...

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...