While these top risks have remained static for a while, other emerging risks are now gaining momentum, with AI and big data becoming more prevalent concerns for risk management professionals. “There’s also a lot of social tensions across the globe, which creates challenges, especially for multinational organisations operating across various markets,” he said. “If you look at 2024 from a loss perspective, you know [the risk environment] is continually evolving. Last year was the third-largest cat loss on record, with close to $140 million in terms of economic loss. And the cost of cybercrime is also continuously growing at a fast pace, with losses increasing in terms of both frequency and severity.”