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NINTH EDITION

Global Risk Management Survey

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Korea Results

Aon’s Global Risk Management Survey assesses business leaders’ attitudes towards risk and risk management. In 2023 results from Korean respondents show the increasingly interconnected nature of risk, with traditional business risks and people risks converging to create significant challenges.

Top 10 Risks Facing Organisations in Korea Now

Over the past two years global economic volatility, rising inflation, reduced demand in major export markets (including China), and rapid changes in the supply chain caused by the conflict between the US and China, have all contributed to a rapid slow down of the domestic economy.

The decline in exports of Korea’s top 10 products including semiconductors, petrochemicals, and electronic products (accounting for 57% of Korea's total exports) has significantly increased the burden on large Korean companies.

Competition in the insurance market has also intensified with rate competition heating up, increasing retention demands, and a resulting weakening dependence on the overseas reinsurance market.

Property damage losses, including business interruption, due to fire accidents and natural disasters are steadily increasing, and regulatory/legislative changes in work injuries under the Severe Accident Punishment Act, and newly emerging cyber risks are also recognised as major risks, ranking in the top ten.

  1. Increasing Competition
  2. Rapidly Changing Market Trends
  3. Property Damage
  4. Regulatory/Legislative Changes
  5. Exchange Rate Fluctuation
  6. Economic Slowdown/Slow Recovery
  7. Work Injuries
  8. Commodity Price Risk/Scarcity of Materials
  9. Failure to Attract or Retain Top Talent
  10. Failure to Innovate/Meet Customer Needs

Explore the Global Results

Companies are grappling with traditional risks in new guises across both risk and human capital. How can business leaders best prioritise and respond to them?

View Global Report

Top 5 Risks Facing Organisations in Korea in the Future

Korean business leaders predict rapidly changing market trends (including geopolitical risks, exchange rate volatility, rising interest rates and higher oil prices), increasing competition, and economic slowdown/slow recovery will remain as top risk concerns for the next three years. Risk management of accidents is also predicted to continue to be a major risk that must be managed in the future, with property damage ranked as number five. As business leaders in Korea face an increasingly challenging talent market, attracting and securing key talent is predicted to move into the top five risks for the future, ranked as number four.

  1. Increasing Competition
  2. Rapidly Changing Market Trends
  3. Economic Slowdown/Slow Recovery
  4. Failure to Attract or Retain Top Talent
  5. Property Damage

What Do the Results Mean for Organisations in Korea?

Organisations are operating in a world that is more uncertain than ever. Geopolitical and macroeconomic volatility is increasing and changing the risk landscape rapidly. On top of that, traditional business risks and human capital risks are becoming much more interconnected, making it difficult for organisations in Korea to respond to challenges.

In a period of rapid change and heightened volatility, opportunities to create new and innovative value for clients, and to attract and retain the best talent, lie in how informed a company is of their risk profile. Finance, risk, and people leaders need to come together to better understand how an organisation’s risks connect and to develop a united strategy for mitigating, managing, and bringing capital to these exposures. A shared perspective and fact-based analytics (both retrospective and predictive) can provide invaluable insights that inform business leaders and enable them to make better decisions about their management.

Better Decisions Start Here

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