The speed, scale and impact of Covid shocked the world, creating enormous risks to society, commerce and global order. Now, other variants of risk (including the re-emergence of historic risks) threaten a ‘perfect storm’ that few business leaders and policy makers will have experienced.
The nature of risk is mutating: Unsustainable debts levels; low growth and investment; de-globalisation; rapid onset of dual-use (civilian/military)technologies, and fast-closing window to transition to a 1.5°C world. It’s compounded by cost-of-living crises; trade wars; social unrest; geopolitical confrontation, and potential nuclear conflict.
Increasing cyber insecurity and crime; and need for evolving solutions to avoid data and IP losses mean risk mitigation is no longer set-and-forget. Often, the resources required to manage risks can’t be addressed at an individual business level (not every organisation has a Chief Risk Officer).
This is not to say businesses aren’t aware of these risks (with a plan in place to address them), but the sheer volume and impact of risk requires constant vigilance, and specific skills.
The Global Risks Report 2023 from our global network Assurex provide important and timely insights organisations should consider. The Report highlights:
*(pɒlɪˌkraɪsɪs) Noun The simultaneous occurrence of several catastrophic events
Given the critical need for insights and understanding of the threat risks present, GSA are sharing this Report with our clients.
Access to specific risk advice and management skills helps organisations build a “roadmap” with regular risk reviews. This provides clarity on best-value capital expenditure for future risk protection; refines and aligns the policy annually to evolve and provide best-in-market coverage.
We’d be pleased to share our viewpoint to help you understand how these risks may impact your business; and how insurance and non-insurance risk management tools can help offset risks.