The risks for which corporate directors can be held liable for has increased dramatically over the last five years, particularly in the United Kingdom, according to a recent Willis Towers Watson survey of directors around the world.
Globally, the top five risks faced by directors included regulatory investigations, cyber attacks, risk of data loss, criminal and regulatory fines and penalties, and anti-corruption laws.
“For the fourth time in a row, our respondents tell us that the greatest risk they face remains the threat of regulatory and other investigations and inquiries, with 71 percent of all those questioned considering such a risk to be significant for their business and its directors,” noted Willis in the survey.
In the UK, directors reported seeing claims or investigations against their organizations involving bribery, corruption and fraud, competition and antitrust matters, environmental law, health and safety, tax sanctions, money laundering, financial reporting, and US legislation such as the Dodd-Frank Act crossing international borders.
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Erin is the managing editor of Advisen’s Front Page News. She has been covering property-casualty insurance since 2000. Previously, Erin served as editor-in-chief of The Standard, New England’s Insurance Weekly. Erin is based in Boston, Mass. Contact Erin at [email protected].
