This is undoubtedly a prosperous period for the world economy, but the recent volatility in global stock markets is an indicator that times may be changing. The World Bank has forecast global economic growth of 3.1% for 2018, which will obviously benefit businesses.

Global transformations

At the same time, an improving business environment brings with it the prospects of wage inflation, rising interest rates, and the end of cheap money. A couple of weeks ago, U.S. stocks reacted dramatically to figures that showed U.S. wages rising faster than expected. This clearly demonstrated how jittery the markets are about the end of a loose monetary policy.

In addition to these macroeconomic developments, other significant changes are afoot. The established political order is being questioned in the United States and Europe, tensions are rising again in the Middle East, technology is transforming the way we live and work, and the United States has overhauled corporate taxation. Change brings opportunities, but it also presents risks.

5 key risks

So, what are the five key risks that should be at the forefront of risk managers', CFOs' and treasurers' radars in 2018? And what are best practices for managing them?

1. Cybercrime

Cybercrime is an ever-growing and ever-present threat. It is a particular concern for corporate treasurers, since the cash flows they're responsible for are a key interest for most cybercriminals. In 2016, research by the Association for Financial Professionals found that almost three-quarters (74%) of the organizations that it had surveyed had been the target of attempted or actual payments fraud, including check fraud and unauthorized transfers of funds associated with business email compromise attacks. Almost a third (29%) of those that had been targeted by fraudsters had lost $250,000 or more.

Related: No business is totally safe from cyber attacks