World Economic Forum: "we have to avoid using yesterday’s solutions to address today’s risks" :: BBC News

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"

via BBC News – World Economic Forum: Stark inequality ‘top global risk’.

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Survival in the Age of Complexity | World Economic Forum

Official logo of the World Economic Forum.

Image via Wikipedia

My only excuse for missing out on this update from Klaus Schwab (World Economic Forum), following the Global Risks Report 2011, is that I was only holiday (and am still paying the price)!

Bearing in mind that we all share the same planet, their findings are relevant to each and every one of us (and our children) BUT, if you are involved in the “risk business” what will be your excuse for failing to heed the warnings???

I would also like to point out to any readers (particularly, in the unlikely event that someone involved in WEF or with preparing the report) that, whilst inter-connectedness and complexity are identified within and between “domains”: Read more of this post