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BDO USA: Board Directors Focus on Emerging Tech and Risk Management Amid Uncertainty
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Subscribe02 OCT 2024 / PEOPLE UPDATES
Chicago-based firm BDO USA surveyed 250 company directors, highlighting a strong emphasis on machine learning, Generative AI, and advanced tech investments to improve business processes. However, this innovation comes with an increased risk of cybersecurity breaches, leading directors to prioritize risk management, succession planning, and strategic innovation, especially in light of volatile economies and geopolitical tensions. The findings suggest that balancing technological advancement with robust risk management will be key to success in times of economic uncertainty.
As directors prepare for 2025, Chicago-based IPA 100 firm BDO USA (FY23 revenue of$2.9 billion) surveyed 250 public company directors to identify key focus areas for the year ahead. The 2024 Board Survey highlights a strong emphasis on emerging technologies—like machine learning and Generative AI (Gen AI)—as tools for enhancing products, services, and business processes. Companies are ramping up tech investments and pilot programs to stay competitive, but with innovation comes increased cybersecurity risks, which boards are proactively addressing to mitigate potential losses and ensure rapid recovery after cyberattacks. Additionally, the current volatile economy, geopolitical tensions, and upcoming U.S. elections have directors prioritizing enterprise risk management (ERM), succession planning, and corporate strategy innovation. Key financial concerns for boards include monetary policy, inflation, tax policies, geopolitical issues, and trade regulations. BDO’s findings suggest that balancing technological advancements with robust risk management frameworks will be crucial for companies seeking to thrive amid economic uncertainty.
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