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Top five risks identified by Canadian businesses

Top risks include public health events, cyber security, employee mental health and more

Today, Aviva Canada released the first research-based report of its kind to help Canadian business leaders better understand the unique risks they face.

“We live in an unpredictable, fast moving and increasingly risky world.” – Jason Storah, CEO of Aviva Canada

The report takes an in-depth look at the current state of risk through the eyes of Canadian business owners and decision-makers and provides a blueprint for future resilience. Drawing on interviews conducted with 1,500 Canadian businesses of all types and sizes.

Canadian businesses have proven adaptable in the face of a global pandemic and at Aviva, we’re confident we can help businesses mitigate the risks ahead, whatever they may be. Our purpose is to be with you today, for a better tomorrow.

“COVID-19 has helped shine a spotlight on risks related to cyber, employee and customer health and wellbeing, labour availability and complex supply chains with increased global dependencies. Businesses have been stress tested like never before – and sadly, many have failed. The ones that have adapted are emerging more resilient, more agile, more confident and with a deeper knowledge of how to assess and manage their risks effectively.”, says Maz Brown, Chief Risk Officer at Aviva Canada.

The report reveals that the top five risks identified by Canadian businesses are:

  1. Public health events
  2. Cyber security and cyber incidents
  3. The health and mental wellbeing of employees
  4. Shortage of skilled workforce
  5. Business interruption, including disruptions in supply chain

One of the report’s main conclusions is that Canadian businesses now view risk much differently in the wake of the COVID-19 pandemic and are increasingly focused on risk management and Business Continuity Plans (BCPs). In fact, the research found that nearly 6 out of 10 Canadian businesses (58 per cent) said their continuity and risk planning needs to be updated.

Canadians Live in an Unpredictable, Fast Moving and Increasingly Risky World

“We live in an unpredictable, fast moving and increasingly risky world. Our report highlights that reality. We can’t predict risk or remove it all together, it’s a fact of business life. As unforeseen as COVID-19-related risks were over the past two years, Canadian businesses already face new geo-political and inflationary risks that will impact everyone in 2022. We believe that gathering data is the first step to understanding the risks around us and helping Canadian businesses to become more resilient. We need to be able to see beyond the next curve in the road and identify future risks before they’re already upon us – because we know they’re coming.”

Jason Storah, CEO of Aviva Canada


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