At the World Economic Forum in Davos, where world leaders are meeting this week to discuss issues of global importance, the Risk Response Network was launched. Part of the slow capability building that could eventually lead to more greatly inter-connected global governance, the initiative dovetails with the WEF theme for this year “shared norms for a new reality”.
In short, the movement is towards a forward-looking international dialogue, which accepts that it is easier to face risks and challenges together if governments and institutions already have established policies, channels of communication and structures in place. It also places the emphasis on anticipating risks and mitigating them in advance. The WEF said in a statement:
“Globalization, shifting demographics, rapidly accelerating technological change, increased connectivity, economic uncertainty, a growing multiplicity of actors and shifting power structures combine to make operating in this world unprecedentedly complex and challenging for corporations, institutions and states alike.”
The World Economic Forum will support the Risk Response Network with a permanent staff, through face-to-face and virtual meetings in addition to:
- The most compelling insights: Drawn from the World Economic Forum’s own knowledge generation and insight, including the Global Agenda Councils and a network of the world’s top universities and private sector content providers
- The most relevant global decision-makers: Through a new and unique community of Risk Officers from top corporations, governments and key international organizations
- The most suitable tools and services: By developing proprietary, custom-designed risk analytics and risk management processes, to enable decision-makers not only to better understand key risks in depth and in context, but also to respond to them proactively and to mobilize quickly in times of crisis
It’s initiatives will include:
- The Global Risks report: Employing innovative methods to generate useful content, analysis and engagement for decision-makers on the most critical global risks;
- Leading Practices Exchange: Building and managing a library and network of information and ideas on managing, mitigating and responding to global risks. The Exchange will be a unique platform bringing together a variety of perspectives and insights about managing and mitigating global risks;
- Cyberspace and Network Risk Initiative: Addressing the fragmentation of policy and regulation in the governance of data, technology and networks, which results in asymmetric risks impacting innovation and competitiveness, and improving crisis management and accountability;
- Supply Chain and Transport Network Initiative: Developing better international risk management mechanisms and improved crisis response across the public and private sectors to deal with the major risk of disruption in transport and supply chains;
- Future of Resources Initiative: Examining how a future of scarce resources will evolve and impact key sectors and stakeholders;
- Responding to Currency Volatility Initiative: Facilitating a strategic dialogue on international currency interactions.