There are many insightful ways to consider the challenges of globalization, but?and you might expect this from me?the World Economic Forum?s annual report on global risks is one of the most illuminating. This year, in addition to reporting on the global survey results and offering a comparison with previous years? responses, the WEF has added a new dimension to this work: the introduction of an analytical framework for measuring national resilience to global risks. Given the increasing importance of global risks (climate change, global economic systems failures, technology-based risks and weaknesses in global health care), this addition signals an important step in the advancement of risk management. I want to highlight just a couple aspects of that ?advancement? and then share the link to that report.
First, the concept of global governance is now firmly established as an important risk in its own right. Most of the global risks exhibit properties that limit the ability of individuals, private organizations or even individual countries to manage them. Climate change is just the obvious illustration where one firm?s or one nation?s efforts, while commendable, will be woefully inadequate to address the complexity and scope of the risk. Coordinated action is called for in virtually every global risk, but we simply do not have the global governance apparatus to lead on managing global risks. As a result, we can say that objectively the human race is not adequately responding to global risks, but that the first-order problem is our inability to coordinate and deliver actions to actually address those risks.
Second, given our limited capacity to adequately manage such risks, the objective of risk management has quickly shifted from ?reducing or eliminating risks? to ?increasing resilience.? Of course, at the micro-level organizations and nations want to prevent bad things from happening or reducing their impact, but overall the orientation of modern risk management is toward improving the robustness, responsiveness, recovery, redundancy and resourcefulness capabilities (to use the WEF terminology) of firms and nations.
I strongly encourage you to follow the link below and download a copy of the World Economic Forum?s report Global Risks 2013 (8th edition).
http://www.weforum.org/reports
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Tags: Finance, global experience, Global Risk, globalization, Risk Managment, World Economic Forum
Source: http://blogs.stthomas.edu/globalbusiness/2013/02/01/globalization-through-a-risk-management-lens/
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