The 2025 Global D&O Survey from WTW, in collaboration with Clyde & Co LLP, reveals the key risks impacting boardrooms today - and how directors, officers, and risk managers are responding.
The primary objective of this survey is to identify and analyse the top risks perceived by directors and officers worldwide, tracking shifts in risk priorities and uncovering emerging threats.
The survey collected responses from directors, officers, and risk managers across the globe, yielding insights on how organisations can enhance their risk management strategies and practices effectively.
Some key findings from the survey include:
Health and safety
- For the second year running, health and safety is the number one risk for directors and officers globally.
- This year, respondents were asked to go further and explain what aspect of H&S concerned them most. 43% of respondents identified physical health and safety in the workplace as their top concern, while a further 28% identified workplace impact on mental health and wellbeing as their number 1 concern.
- In the UK, the health and safety executive identified mental health as a concern they are targeting. In Australia, industrial manslaughter has now been introduced in all States and Territories, and a number of workplace legislative reforms came into effect in 2024.
Cybersecurity and AI
- While cyber attack and data loss continue to rank highly, AI is not showing up as a concern.
- 61% of respondents consider that the board has the skills and knowledge to handle cybersecurity and data privacy matters; it is the second highest ranked matter on which they think the board should spend more time, although only the 7th (out of 12) in terms of materiality to the business.
- By contrast, AI is the lowest ranked in terms of skills and knowledge of the board, where the board needs to spend more time and materiality to the business.
- As a risk for directors and officers, cyber attacks and data loss are ranked as 3rd and 2nd overall, although this does vary across different jurisdictions. AI is not ranked in the top seven in any region this year and is ranked below DEI, geo-political risks, pollution and climate change, by way of example.
Regulatory and litigation risks
- Civil litigation has entered the top seven for the first time since 2018.
- Regulatory risk continues to be highly ranked (it has been the number 4 risk overall in the last four surveys).
Climate and ESG risk strategy
- Climate change and pollution have decreased in priority, but Social risks are increasing.
- PFAS and biodiversity risks are increasing (from a low base).
Follow the links below for more information on various elements of the findings, including:
The Top 7 Risks - Once again, the annual Global Directors’ and Officers’ Survey provides a valuable insight into the risks that are of concern to D&Os around the globe.
Artificial Intelligence - How focused are boards on AI as a possible risk? Despite media hype and risks like AI-washing, Artificial Intelligence ranks 21st out of 30 in the Global Directors and Officers Survey. New questions focus on board skills and time allocation.
ESG - Where are we with ESG in 2025? ESG focus shifts as climate change loses political shine. UK, US, and EU have rolled back or watered down climate regulations, with climate concern dropping.
Regulatory Change - Political developments in the US, UK, and Australia, especially in financial services, will shape the regulatory environment over the next few years.
Civil Litigation - Civil litigation is rising in the ranks of concerns for D&Os. Having entered the top seven risks for in this year's survey, the shift has been driven by social inflation, spread of class actions and growing consumer awareness.
Europe - European D&Os prioritize health and safety, regulatory compliance and financial performance reflecting a focus on sustainability risk management in 2025.
Financial Institutions - The results of the survey make for particularly interesting reading for the Directors and Officers of financial institutions.
About WTW:
Willis Towers Watson (WTW) is a global leader in advisory, broking, and risk management solutions. With nearly 200 years of experience and 45,000 employees in over 140 countries, WTW helps businesses turn risks into growth opportunities by providing tailored solutions for intricate risk profiles. WTW’s offerings, including professional liability, D&O insurance, cyber risk, and M&A-related insurances, directly address the risks and challenges faced by today’s NEDs. NEDA are proud to be working in partnership with WTW.