Brand and image are the key risk factors Australian businesses are most concerned with, a new Aon Australia survey on risk management and total cost of insurance risk reveals.

In 2006/07 businesses were worried about corporate governance, systems, human resources, and then brand and image. But in 2007/08, the primary interest is in brand and image, followed by systems, corporate governance, and human resources.

Aon National Manager of Client Research & Development Ross Castle says the survey finding is “a salutary reminder that an organisation’s hard-won reputation can be quickly damaged by an unexpected event at any level in the business”.

The survey finds the strategic importance of risk management is well accepted, with 70% of organisations formulating policy at board or sub-committee level. Yet less than one-third (32%) of respondents take a structured enterprise-wide approach to identifying their risks, with 57% of organisations relying on executive or senior management to identify business risks.