Australian business faces increased regulatory risk
Insurer Allianz has conducted research that suggests regulatory change is one of the top risks faced by Australian businesses, ranking higher than natural disasters.
The Allianz Risk Barometer 2014 – which is compiled off the back of a survey of 400 risk consultants, insurance underwriters, senior managers and claims experts at Allianz’s global ‘corporate and specialty’ business – found that for Australian businesses, changes in regulation and legislation are a highly ranked risk, second only to “business interruption and supply chain risk”.
The finding indicates an increasing concern among businesses about regulatory change, given that ‘regulation risk’ has moved up from being the 8th ranked risk in 2013.
According to an Allianz statement reflecting on the results, “for Australian business, regulatory change is regarded as a higher risk than natural catastrophes, cyber crime, and loss of reputation or brand value (e.g. from social media), even though the latter two have been trending higher up the rankings compared to last year”.
Allianz Australia's managing director, Niran Peiris, said the survey “highlights the increasing complexity of business risks, including a combination of new technological, economic and regulatory risks, potentially creating a systemic threat for businesses”.
What is the value of an adviser?
A new report has dived into the value of advisers and found that they deliver va...
Expect industry overhaul: FPA
Financial planning is set to have a revamp, the Financial Planning Association o...
Industry needs to speak the language of women
The adviser industry still has work to do in finding a way to speak the language...