What are the top risks facing Directors and Officers in 2022?
Welcome to the Directors’ Liability Survey 2022 report in partnership with WTW. We are pleased to have partnered again with WTW on this report with contributions from Clyde & Co lawyers in the UK, Europe, APAC, MEA and the Americas.
As directors and officers continue to be the subject of ever-increasing accountability, the report provides a global view on directors’ and officers’ perceptions of risk. From greater regulatory scrutiny to class actions, the already challenging post pandemic climate has been put under more pressure by a volatile global economic environment.
The report explores the findings which are the result of responses from directors, non-executive directors, partners, in-house lawyers, risk officers and compliance professionals from across the globe. These are provided alongside analysis and insight from Clyde & Co lawyers and Willis Towers Watson experts on some of the significant classes of risk identified.
Top risks preview
Top 5 risks preview:
It is, perhaps, no surprise respondents identified their top two risks to directors to be cyber attacks and data loss, those having topped the list for the last three years. However, making a new entry is cyber extortion. Cyber risks are multi-varied and ever-evolving risks, with a variety of significant consequences should an attack occur.
Regulatory risk including the threat of fines and penalties, remains high on the list of concerns.
Environmental, Social and Governance (ESG) issues have moved up the boardroom agenda in recent years, with particular focus on health and safety and climate-related concerns.