Like a waterfall, cascading global risks can soak the unprepared
In 2005 when the World Economic Forum’s Global Risk Network began tracking the top global risks that could impact businesses, most senior executives weren’t too concerned about the likelihood of interdependent threats affecting companies worldwide. That has changed. A lot.
In webinar hosted by Zurich Commercial Insurance, Thierry Malleret, an author, public speaker and co-founder of the Monthly Barometer, shared his views on the changing risk landscape and explained risk interconnectivity.
“Geopolitical risks turn into economic risks. Economic risks turn into societal risks and social turmoil,” Malleret said. “Global risks conflate and amplify each other, and, in the process of doing so, create and trigger new kinds of risks.”
In the discussion, Malleret and Ron Davis provided insights into the energy crisis, water and food security and how companies are moving their supply chain management form “just in time” to “just in case”.
Despite the current risk landscape, Malleret acknowledged that opportunities can be found in ever-expanding global risks.
“The fact that the world is in such a difficult situation at the moment doesn’t prevent great opportunities from being explored and exploited across a spectrum of different domains,” according to Malleret. “Everything that is going to help our individual and collective lives moving forward will present great investment opportunities, even more so as we face global challenges.”
The webinar was one of a series hosted by Zurich Commercial Insurance that examine timely risk management issues, moderated by Ron Davis, Global Head of Customer Management, Zurich Commercial Insurance.
Read the entire webinar summary by downloading the document.
