A growing number of regulations in Latin America means that companies operating in the region now rank them as their most important risk and expect it to remain the top risk for the next three years, according to a global risk management survey from Aon Risk Solutions.
In the risk advisory group’s previous survey published in 2011, the economic slowdown, increasing competition and financial crimes such as theft, fraud and employee dishonesty all vied for position as the top risk in Latin America.
Regulations, ostensibly designed to help businesses mitigate risks, are now perceived as a key risk factor by businesses. However, companies regard the increasingly stringent new rules as “intrusive and burdensome”. The economic slowdown ranked as second-highest risk in Latin America, the survey revealed.
Aon Risk Solutions reports that regulatory and legislative changes have been ranked second overall on the top 10 global risk list for three consecutive times’ in contrast to 2007 when it was ranked sixth on the survey.
The category is considered on a global basis a number one risk by banks, government, healthcare, insurance, investment and finance, pharmaceuticals and biotechnology, telecommunications and broadcasting and utilities; all sectors traditionally subject to heavy regulations.
Conducted in 4Q12, the web-based survey gathered input from 1,415 respondents – a 47% increase in respondents from the 2011 survey – from 70 countries around the world.
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