World Economic Forum: "we have to avoid using yesterday’s solutions to address today’s risks" :: BBC News
Thursday, 12 January, 2012 Leave a comment
Here we go again!
Another WEF report for people in and around the risk industry to pontificate and wring their hands about…without, actually, ditching "yesterday’s tools" to embrace the tools AND techniques that can benefit all of us!
“Connected systems that we thought mitigate risk are actually concentrating risk, and these are risks that we do not fully understand yet”
Steve Wilson, CRO General Insurance, Zurich
The annual WEF report is always worth reading and contains some useful infographics to reinforce key messages but, having written about reports in the preceding two years and attempted to close the moths and open the ears of "concerned professionals" I really wonder if it will take another major disaster (or two) that will need to be categorised as "Black Swan" events to justify the fact that organisations engaged in managing and mitigating risk have actually done very little but talk a good game whilst wasting time and money on deploying inadequate tools and trying to predict the future…
"Severe income inequality" is the biggest global risk, according to a panel of experts assembled by the World Economic Forum. The group points to "chronic government debt" as another problem threatening the world during the next 10 years.
The report also worries about "the dark side of connectivity"
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- UPDATED: Reducing complexity – should finance directors be leading the way? (fitforrandomness.wordpress.com)
- “Both insurers and insurance intermediaries need to fundamentally rethink how risk is assessed”(fitforrandomness.wordpress.com)
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