A new survey of risk managers revealed the top five emerging risks, according to Chief Risk Officers.

Those risks include: Financial volatility (40 percent); Failed and failing states (12 percent); Cyber security/interconnectedness of infrastructure (7 percent); Blow up in asset prices (6 percent); Chinese economic hard landing (5 percent).

Global economic expectations are “nearly as dismal as they were prior to 2009,” according to the survey. “Only 6 percent of the risk managers expect a strong or good economy, continuing a three-year trend.”

Other findings include an increased role for Risk Officers in strategic planning and a decreased expectation of predicting the future. Internal staff sizes also are increasing.

The “2011 Emerging Risks Survey” attempted to track risk mangers thoughts about emerging risks across time, and is the fifth survey of emerging risks conducted by The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries' Joint Risk Management Section.

The survey incorporated a set of Emerging Risks defined by the World Economic Forum as the basis for several of the questions and included questions related to current risk management topics.

It was written by Max Rudolph of Rudolph Financial Consulting LLC and includes comparisons to the three previous surveys as well as a survey sent to members of the International Network of Actuarial Risk Managers (INARM) in April 2008.

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