Global business leaders remain optimistic about growth prospects over the next several years, even as economic uncertainty, geopolitical tensions, and rapid technological change continue to reshape the risk landscape.
According to a new survey conducted by consulting firm Protiviti in collaboration with North Carolina State University’s ERM Initiative, nearly 70 percent of executives expect significant opportunities to grow revenues over the next two-to-three years. The findings are based on responses from more than 1,500 C-suite executives and board members worldwide.
The survey suggests a shift in executive attitudes toward risk. Rather than focusing primarily on risk avoidance, respondents indicated they are increasingly seeking to use uncertainty as a driver of transformation, innovation, and growth. Strategic partnerships and ecosystem expansion were identified as a key component of that approach, with 62 percent of leaders expecting their organizations to broaden alliances to strengthen go-to-market strategies.
The ‘Usual Suspects’ of Risk Remain
Cybersecurity remains the most significant near-term global risk, ranking well ahead of other concerns. Executives cited threats such as ransomware, supply chain attacks, and data breaches as top issues requiring sustained attention at both board and management levels.
Other risks identified among the top concerns include third-party risk, emerging technology adoption and workforce upskilling, legacy IT and operational performance gaps, and economic conditions and inflation. Compared with the prior year’s survey, concerns related to legacy systems and emerging technology adoption rose sharply, while economic conditions declined slightly in relative importance, though they remain among the top five risks.
Organizations are increasingly focused on modernizing infrastructure and strengthening resilience, says Matt Moore, Protiviti’s global leader of risk and compliance. “Leaders are modernizing infrastructure, advancing cybersecurity, and embracing innovation to support growth,” Moore said, adding that agility and foresight are becoming critical differentiators.
Investment priorities over the next two to three years reflect this balance between risk management and growth. Cybersecurity ranked as the leading area for investment, followed by business process improvement, infrastructure modernization, data privacy, and customer experience.
AI to Play a Starring Role
Artificial intelligence featured prominently in both risk and opportunity assessments. Nearly one-third of executives cited data integrity and cybersecurity exposure related to AI as their primary concern, while a similar proportion said they are actively integrating AI into operations. Workforce upskilling related to emerging technologies has risen to one of the most significant near-term risks, reflecting concerns about talent readiness and capability gaps.
Fran Maxwell, Protiviti’s global people and change leader, said organizations increasingly recognize the role of human capital in realizing value from technology investments. “Upskilling and reskilling will determine who captures the full return on AI investments,” she said.
Looking beyond the near term, executives identified customer focus and competitive positioning, security and privacy, AI deployment, market resilience, and talent strategy as their most important long-term priorities. The results suggest a growing emphasis on integrated decision-making that considers both immediate operational risks and longer-term strategic objectives.
Organizations are under pressure to turn disruption into opportunity, says Mark Beasley, director of NC State’s ERM Initiative. “Managing uncertainty to drive innovation and customer-centric strategies will be central to sustaining growth,” he said.
Overall, the survey indicates that while risks related to cybersecurity, technology, and talent remain elevated, business leaders are continuing to invest in capabilities they believe will position their organizations for long-term resilience and growth. 
Joseph McCafferty is editor & publisher of Internal Audit 360°