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World Economic Forum's Global Risks Report. How to use it : Step by Step guidelines

The upcoming decade will herald the onset of a significant transition period, challenging our adaptive capabilities to their fullest extent. Hence, it's crucial for businesses to acknowledge and reevaluate their risks, enabling them to promptly undertake corrective measures to ensure their sustainability.

navigate your company to safe harbors

The World Economic Forum's Global Risks Report provides a complete picture of the most critical risks facing the world in the short term, on a 2-year horizon, and in the long term, on a 10-year horizon.

The report makes it clear that the next decade will herald the beginning of a period of significant changes that will push our adaptive capacity to its limits. Companies cannot therefore be left out of this ecosystem, because it seems that the actions that will be required for them to take, to ensure their sustainability will be vital.

Here are some guidelines on how you can use the Global Risks Report to reassess your company's risks:

Identification of New Risks & Gap Analysis

  • Study the report and list the most important risks it contains at the two-year horizon, but also at the ten-year horizon if you intend to carry out longer-term analyses.

  • Review the completeness and accuracy of your own Risk Registry. The report includes a wide range of risks in various categories, Environmental, Economic, Technological, Geopolitical.

  • Identify directly the risks affecting your industry and compare the report findings with your existing assessments of existing risks.

  • See if new risk additions or reassessments of existing risks are required due to new data in the report.

In order to take the above steps and get from global to company-specific information, you need to deepen the analysis for each risk. Understand the potential causes of the risks, their cascading effects and their interconnection with other risks, so that you can make a qualitative and quantitative analysis of these parameters for your own company.

  • Qualitative analysis: Assess whether the risks mentioned in the report affect your company in the following indicative pillars:

    • Supply chain

    • Operations

    • Financials

    • Reputation

    • Regulatory framework

  • Quantitative Analysis: once you have identified the risks that will have a qualitative impact on the above pillars of your company, add financial data to the equation. For example, how much would a delay in the supply chain cost you, or how much would an increase in raw material costs cost you, how much would negative publicity cost you. We stress here that the "Misinformation and disinformation" risk is one of the most serious global risks and deserves special investigation by companies.


Risk prioritisation and counteraction

Based on your analysis:

  • Set new priorities to address risks and identify areas where your existing process and safeguards need improvement.

  • Develop specific mitigation actions to address the new risks you have identified and those that have emerged from your reassessments.

  • Ensure that your mitigation strategies are clear, enforceable and have defined owners within the company. This ensures accountability and convergence of all stakeholders with the company's strategy.

  • Finally, develop substantive contingency plans for the most critical risks, giving contingency alternatives in the event of a crisis.

At this point, it is important to emphasize that environmental risks continue to dominate the landscape across all time frames examined in the report. Extreme weather events are ranked as a top risk that can cause a substantial crisis on a global scale.

E-On INTEGRATION, always supporting its clients, has thoroughly analyzed and deciphered the Global Risks Report. Our goal is to assist them at every stage of recognizing, comprehending, and mitigating the new risks outlined in the report.

All report data (risks and proposed mitigation actions) will be made available free of charge to our Ribia Clients in a special section of the E-On RIBIA system, so that they can use the findings of the report in an organized and easy way through the software database.

In the near future the URL link will be provided to the relevant risk managers so that they can go through the data themselves and proceed with the integration of this information into their own registries.






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