A new survey from Aon (NYSE: AON) finds decision makers feel their businesses aren’t moving fast enough to address risks associated with global megatrends across trade, technology, weather and workforce.

The Business Decision Maker Survey found that 86 percent of C-suite and business executives across North America, the UK and Europe believe it is important to address the challenges and opportunities presented by these megatrends. Meanwhile, the survey also found that businesses find it harder to make the right decisions amid their growing complexity and volatility.

“These findings confirm what we're hearing from our clients every day—the world is more volatile and complex, creating uncertainty and need for new solutions across our global economy,” said Aon CEO Greg Case. "Business decision-makers recognize the enormity of the challenges presented by the megatrends of trade, technology, weather and workforce and are looking for actionable insights and innovative tools to address critical risk and people issues more quickly."

More than 74 percent of respondents said that their responsibility for supply chain or distribution functions has increased over the last year. Issues such as the economy and financial concerns remain significant trade risks, affecting their ability to manage these megatrends. 

AI advancements and data analytics offer businesses additional resources to stay competitive, however, the survey found that these factors are also creating new and evolving risks for businesses. Nearly 63 percent of respondents said they have measured the ROI of cyber security initiatives, and 61 percent have audited IT suppliers to manage third-party risks and IT sprawl in the last year.

Climate change is a growing risk for businesses, with extreme weather playing a greater role in how businesses operate. The survey found that 66 percent of business decision-makers understand that climate issues raise new risks and vulnerabilities that require a significant change in how businesses think about the future. Additionally, 59 percent of those surveyed reported they are quantifying the financial impact of extreme weather.

Within the workforce, executives are struggling to find a balance that meets the health and financial challenges of their employees. Approximately 57 percent of respondents said their company has materially changed benefits or health care offerings for employees to improve affordability and improve outcomes. 

Meanwhile, 52 percent of decision-makers reported they have taken action over the last year in reskilling or upskilling workers for the new demands of green technology and renewable projects. Meanwhile, 45 percent said that climate issues are helping create a mission-driven culture that attracts and retains talent.

"It's clear that without taking action, business decision-makers will not be able to effectively manage their exposures to these megatrends over the next year," said Aon president Eric Andersen. 

The survey found modelling climate and weather risks is a particular concern for executives, however, only 39 percent of decision-makers said they are very confident they have accurate data, analytics and insights to protect their businesses. Meanwhile, 59 percent of respondents said they are "very confident" with their ability to have quantified the profit-and-loss of supply chain, cyber risk and weather-related scenarios and events in the last year, compared to just 36 percent of leaders who reported they feel less confident they are effectively managing risk exposures.

"As the megatrends grow more interconnected, businesses which adopt a comprehensive, data-driven, forward-looking approach to risk management will more confidently address challenges and seize opportunities amid uncertainty," said Andersen.