Responding to a new world of risk

The World Economic Forum’s Risk Response Network was launched in Davos in January 2011 to bring together the world’s experts in managing risk from all sectors of society. Just three months later, the inaugural Global Risks Meeting in New York on 6 -7 April gathered over 80 decision-makers and experts to figure out ways to better manage, respond to and prepare for global risks.

Download the interactive report to read key insights generated by over 80 participants, including session summaries on the following topics:

• The catastrophe in Japan, its implications for the country and the world
• How to build organizational resilience in a world of increasing complexity and interconnectivity
• Global risks such as US-China relations, cyberwarfare, sovereign risk and cracks in the international monetary system
• Currency scenarios and the future of the international monetary system
• Cyberspace and network risk
• Supply chain and transport risk
• The management of reputational risk

In addition, a video capturing the spirit of the Meeting is available in the report. Issues and trends that recurred through the Meeting included:
Natural disasters – Events in Japan were front of mind following the March 2011 earthquake and subsequent tsunami. Organizational and government risk management efforts have focused on crisis management and scenario planning, but the number, severity and unpredictability of recent crises means they should also focus on building capacity that can react in the moment, quickly assess a situation and develop appropriate actions.
Supply chain and transport risk – The catastrophe in Japan has and continues to affect a number of supply chains, with ripple effects in Asia, Europe and the United States. As trade and travel depend upon the secure and reliable operation of interconnected transport and supply chain systems, building a network of decision-makers to improve response mechanisms before and after major disruptions is crucial.
Resource scarcity – The availability of natural resources is perhaps the most significant influence on world markets, economies and development. Competition for access to resources will be the cause of geopolitical conflicts, trade issues and aggressive corporate action. Forging partnerships between different stakeholders is important in effectively addressing resource constraints.
Cyberspace – A series of technology-driven shock waves have reinforced the rapidly emerging risk landscape in the area of cyberspace and network risk, including the WikiLeaks furore, Stuxnet virus and events in North Africa and the Middle East. The interconnected and pervasive nature of information technology necessitates a common understanding of these systemic risks and new mitigation strategies that coalesce public and private sector collaboration in new and meaningful ways.