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"World Economic Forum – Global Risk Report 2024": Now included in RIBIA !!!

We have enhanced E-On's Risk Management platform (RIBIA) by incorporating risks and mitigation actions derived from the Global Risk Report. This enrichment enables our clients to analyze and seamlessly integrate this valuable knowledge into their own systems for effective risk management.

Risk Management - RIBIA by E-ON Integration

The annual Global Risk Report 2024 was published by the OECD's World Economic Forum, end of January 2024. The report is available at the link:

E-On INTEGRATION has analyzed and decoded the aforementioned report within the scope of its Risk Management software via the RIBIA platform, which is currently available in the market. The insights gleaned from the report, including identified risks and suggested mitigation strategies, have been integrated into a designated section of the RIBIA platform. These insights will soon be accessible to clients at no additional cost, allowing them to effectively leverage the report's findings and risk data to address their company's risk management requirements.

World Economic Forum - Global Risk Report 2024 : An opportunity for companies to revisit the whole Risk Analysis & Management process that they conduct internally or state in their reports.

Let's focus into a series of findings and observations that, as many readers of the report will likely recognize, paint a rather pessimistic outlook for the world in the near future. We've opted to discuss some of these findings, particularly those concerning the trajectory of risks from the present to the upcoming decade. This trajectory was identified in a corresponding survey conducted as part of the Global Risk Report 2024. In this context, "today" denotes the short-term period spanning the next two (2) years, while the long-term period refers to the subsequent decade. The Table of Trends is outlined below. This classification was derived from a substantial sample of executives surveyed across both the public and private sectors within OECD countries.

Global Risks ranked by Severity

Analyzing the table, it becomes evident that the majority of risks will be clustered within the Environment category, (including Climate Change which is a part of the broader Environment category), such as extreme weather events, critical shifts in Earth's systems, biodiversity loss, ecosystem collapse, and raw material shortages. Notably, when comparing the current landscape to the projected trends for the upcoming decade, it's striking to observe that three out of the four risks within this category are newcomers to the "top ten" list. This suggests an anticipated escalation in these risks over the next decade, either because they are currently not prevalent or are less pronounced, thus not featuring prominently in the current "top ten".

It's noteworthy that certain current risks, such as disinformation and misinformation, social conflicts, and cyber-security, are projected to diminish in intensity according to the table. Additionally, the risk of inflation is anticipated to no longer feature in the "top ten" list—a development that may warrant attention or even surprise.

Additionally, as per the survey findings, over the next decade, specific risks like inter-state military conflicts, lack of economic opportunities, and economic recession are projected to descend from the "top ten" list. It's important to emphasize that while these risks may drop in prominence, it's unlikely that they will be completely eradicated; rather, they are expected to shift downwards in the hierarchy of importance as perceived by the survey respondents.

A particularly notable development is the emergence of a new risk: negative impacts stemming from the outcomes of AI applications. This risk is anticipated to hold the sixth (6th) position, just below environmental concerns and cyber-security issues.

It's clear that the remarks outlined above, along with the entirety of the Report, are bound to provoke extensive debate and commentary. For E-On, this presents an opportunity for companies to reassess their entire risk analysis and management processes, whether conducted internally or incorporated into their own reports. Such discussions can foster a deeper understanding of emerging risks and encourage proactive measures to address them effectively.

What we've aimed to accomplish is to incorporate approximately 140 risks outlined in the Global Risk Report and around 40 recommended mitigation actions into E-On's Risk Management System (RIBIA). This effort enables our customers to study and integrate this knowledge into their own systems, particularly if any of the identified risks are likely to impact their operations. Additionally, we're exploring the feasibility of quantifying global risks. By doing so, we could potentially provide a monetary measure (in Euros) of the magnitude of impending risks. This quantitative approach aims to complement qualitative assessments, ensuring a more comprehensive and accurate evaluation of risks.

In the near future, we will provide the URL to relevant risk managers, enabling them to access the data directly. This will empower them to explore the information, generate their own graphs, and derive their own conclusions based on the available data.


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