In Aon’s 12th annual Australasian Risk Survey, regulatory and legislative change beat out local economic conditions, people risk and increasing competition to be named as business’ biggest concern.
Finishing third in last year’s survey, regulatory and legislative change has been moving up consistently through the top ten risks over the past few years.
Lambros Lambrou, chief executive of Aon Risk Solutions Australia, said this increasing focus directly reflects the additional compliance burden facing businesses.
“Legislative change adds cost pressure to a company’s bottom line in many ways, both directly where it results in more restrictive working conditions and potential additional fines and penalties and indirectly, for example in compliance costs".
The survey comprised responses from 380 businesses in 15 sectors, including 23 of the ASX Top 100.