⚠ AI-Generated

The summary below was generated by an AI language model and may contain errors or omissions. All other content on this page is deterministically extracted from the original SEC EDGAR filing.

Marsh & McLennan added a new risk disclosure in 2026 regarding potential failure to realize benefits from its Thrive program and Business Client Services, reflecting execution concerns around these strategic initiatives. Two existing risks underwent substantive modifications: the consulting segment risks were updated, and the company expanded its disclosure on business responsibility practices to reflect intensifying regulatory scrutiny and changing expectations from regulators, investors, clients, and employees. The overall risk landscape remained largely stable, with 33 of 36 disclosed risks carrying forward unchanged from 2025.

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🟢 New in Current Filing

We may not be able to fully realize the benefits of our Thrive program and Business Client Services.

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In 2025, we launched a three-year program, Thrive, which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency (the "Program"). As part of the Program we also created a new unit, Business Client Services ("BCS") to accelerate innovation and centralize investments in operational excellence, data, AI and other analytics. As a part of these initiatives, we may optimize our global footprint, which involves inherent risks, including potential business disruptions or processing activities, loss of continuity or institutional knowledge, challenges in managing third-party providers and compliance with foreign regulatory requirements. The Program will generate savings from process and automation efficiencies and optimization of our global operating model. However, actual total costs, savings and timing may differ from our estimates due to changes in the scope or assumptions underlying the Program and other operational improvements through BCS. We cannot guarantee that we will achieve the targeted savings. If we do not realize the expected cost savings, we may be unable to reinvest in planned growth or strategic initiatives. Moreover, unanticipated costs or unrealized savings in connection with the Program could adversely affect our consolidated financial statements. Global Operations

🟡 Modified RISKS RELATING TO OUR CONSULTING SEGMENT 🔒

🟡 Modified Increasing scrutiny and changing laws and expectations from regulators, investors, clients and our colleagues with respect to our business responsibility practices and disclosure may impose additional costs on us or expose us to new or additional risks. 🔒

2 more changes in this filing

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