Top Global Risks for 2024 for Accountants

September 25, 2024 Eszter Rapanos

The world is becoming riskier, and businesses need to be prepared. The World Economic Forum’s (WEF) Global Risks Report 2024 highlights several growing risks that could impact global stability. Here are the key risks and trends that accountants should be aware of:

Extreme Weather – This is the top risk for 2024 and continues to be a major concern for the next decade. The frequency of severe climate events poses significant challenges for businesses, especially in supply chain disruptions and operational resilience.
Cyber Threats – With businesses becoming more digital, cybersecurity remains a critical issue. Accountants must ensure that businesses have the right safeguards in place to protect financial data and sensitive information from increasing cyberattacks.
Artificial Intelligence (AI) Risks – AI offers many benefits, but its unintended consequences are a growing concern. Whether it's job displacement or AI-related financial fraud, accountants need to stay updated on how AI could impact business operations and ethics.
Technological Power Concentration – The fastest-rising short-term risk from 2023 to 2024, this trend highlights concerns around a few tech companies controlling vast amounts of data and influence. Accountants may need to assess how this concentration could impact competition and fair business practices.
Misinformation & Disinformation – The spread of false information has also become a significant short-term risk. This can distort markets and consumer behavior, so businesses need strategies to combat its effects.
Armed Conflict Between Countries – The threat of wars is now the fifth-highest short-term risk, rising from 14th place last year. This risk is a top concern in 20 countries, signaling that geopolitical tensions could have major economic implications, such as supply chain disruptions and currency instability.

For accountants, understanding these risks is crucial. You are often at the frontline of advising businesses on how to mitigate the financial impacts of these risks. Staying informed on these trends ensures that you can help clients plan ahead, manage uncertainty, and safeguard their future.