CCReB ADVISORS Inc. (Headquarters: Chiyoda-ku, Tokyo; Representative Director: Miyadera Yukihiro; hereinafter "the Company"), which provides corporate real estate (CRE) strategy support, has published a new report on its B2B information portal "CCReB GATEWAY". The "Business Risks" section of annual securities reports reveals "what management currently perceives as threats." This report focuses on the "Business Risks" section of these reports, independently aggregating and analyzing keywords from the past four years to visualize changes in corporate risk perception. What this report reveals: How keywords in annual securities report risk items have changed (2022-2025) Three patterns observed in management's risk perception Trends in the number of companies mentioning "Generative AI," "Geopolitical Risk," "Human Capital," and "Tariff Policy" Perspectives to consider when reviewing your company's risk items in its annual securities report. What surged in annual securities report risk items? Top word transitions over four years. Comparing the top increasing keywords in annual securities report risk items each year shows that the themes listed by listed companies as important risks have changed in response to external environmental shifts. In 2022, "Russia," following the invasion of Ukraine, and "TCFD Recommendations," due to mandatory climate change disclosures, ranked high. In 2023, "The 2024 Problem" emerged ahead of regulations on overtime work in logistics, construction, and healthcare, and "Human Capital" began to take root alongside mandatory disclosure of human capital. In 2024, "Middle East Situation" and "Generative AI" increased in parallel, following the heightened tensions in the Middle East since the fall of 2023. And in 2025, keywords such as "Tariff Policy" and "Additional Tariffs" rapidly gained prominence in response to the Trump administration's tariff policies. There are "three patterns" in management's risk perception. Organizing the movements of the