’No commercial entity in the UK is exempt from requiring a robust approach to risk management,’ says chief executiveThe impact of financial uncertainty is the risk of most concern to businesses across the UK over the next 12 months, new research by Marsh has revealed. Figures published by the broker yesterday (23 October 2023) showed 34% of firms were worried about finances due to rising inflation, energy prices and raw material costs. And the data suggested that smaller firms had the most concerns – almost half of microbusinesses (43.9%) and 33% of small and medium sized enterprises (SMEs) cited financial uncertainty as a key risk. However, while financial uncertainty was the risk firms were most concerned about, the number of businesses that were worried about it was not as high as in previous years. Other risksThe figures were published in Marsh’s UK Business Risk Report 2023, which features data obtained in May and June 2023 from over 2,100 UK businesses with turnover of between £100,000 and £500m per year.

Source: The Times October 24, 2023 12:13 UTC