Global risk management, according to Aon's Global Risk Management Survey 2025, is entering a new phase characterized by an unprecedented interconnectedness of threats. Where once risks were categorized in their own sphere - be it technical, political or climatic - they are now systematically interconnected.
These shifts are forcing organizations and countries alike to rethink their response mechanisms, moving from traditional risk management to a strategic resilience approach that transforms risk from a cost to a competitive tool.
First: Features of the Shift in the Risk Map
The report points to four megatrends that act as driving forces for risk convergence:
Technology: Artificial intelligence and the increasing reliance on digital systems, which opens the door to cyber-attacks and infrastructure disruption.
Trade: Escalating trade disputes and tit-for-tat sanctions and their impact on global supply chains.
Weather: Climate change, which has become a "multiplier" for other risks through frequent natural disasters.
Labor force: Shifts in labor markets and pressures from skills shortages and rising wage costs.
This overlap is reshaping the strategic environment for businesses and governments alike.
II: The rise of geopolitical risk
Geopolitical volatility jumped from 21st place in 2023 to 9th place in 2025, with the expectation that it will reach 5th place by 2028.
The report shows that Europe already suffers from the highest levels of risk (sixth globally), and this threat is likely to advance to become the third largest risk by 2028, driven by the war in Ukraine, tensions with Russia, and rising populism.
Asia is also poised for a sharp rise in threats, from 11th to 4th place, due to the US-China conflict and tensions in the South China Sea and North Korea.
North America will remain below the global average, while Latin America is experiencing a relatively less tense environment.
This shift presents organizations with a dual challenge: Secure their investments in highly turbulent environments, and reconfigure supply chains to minimize exposure to conflict hotspots.
III: Cyber Risk Remains at the Forefront
Despite the rise of geopolitics, cyberattacks and data leaks remain the top risk for businesses globally in 2025, and are expected to maintain that lead through 2028.
The reason lies in the increasing reliance on digital systems and AI-powered value chains.
The escalation of "cyber warfare" between countries, turning the Internet into an open arena of open conflict parallel to military arenas.
IV: Climate as a Risk Multiplier
One of the most serious revelations of the report is that climate disasters are no longer a purely environmental threat, but a factor that compounds the severity of other risks.
Insured losses from natural disasters amounted to $100 billion in the first half of 2025 alone, the highest level since 2011.
The impact is no longer limited to the economy, but extends to food security, social stability, and forced migration, increasing the fragility of political systems.
V: From managing risk to building resilience
The report calls for moving from a reactive mindset to building strategic resilience, by:
Integrate risk management into business strategies rather than confining it as a support function.
Using advanced analytics and scenario modeling to anticipate crises rather than treating them as emergencies.
Develop comprehensive contingency plans that include technology, infrastructure, and human resources.
Reimagining risks as opportunities. Investing in cybersecurity and clean energy, for example, can turn challenges into sources of growth and competitive advantage.
Conclusion
The results of the survey reveal that the world is entering a phase where the relationship between risk and opportunity will be redefined. Geopolitical, climate, and technological disruptions will no longer be fleeting threats, but structural elements that will reshape the international system and the global economy. The ability of states and organizations to build inclusive resilience will determine the winners and losers in the coming era of turbulence.
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