Risk managers see financial volatility as the top emerging threat, according to the Society of Actuaries' fifth annual survey.

The poll of 172 risk executives, conducted by Rudolph Financial Consulting, shows that 68% cited financial volatility as one of the top five emerging threats, while 42% selected failed and failing states and 38% cyber security and the interconnectedness of infrastructure. There was a three-way tie for fourth place, between a Chinese hard economic landing, an oil price shock and regional instability.

The survey was taken in October 2011, and Max Rudolph, CEO of Omaha, Neb.-based Rudolph Financial Consulting, suggests the votes for financial volatility reflect the European debt crisis, which dominated the news late last year. Rudolph sees the vote on failed and failing states as a reflection of the Arab Spring uprisings.