Business Diplomacy Today Podcast

Business Diplomacy Today addresses contemporary international relations and geopolitics, looking at the issues from a business perspective. It helps business leaders anticipate changing political and societal trends, build and leverage political networks and take a proactive stake in societal and political matters that influence their business environment.

Episode #031: The Global Risks Report 2024

In this episode of Business Diplomacy Today, guest Martin Drux from Marsh McLennan delves into lessons learned from the COVID-19 pandemic and the importance of businesses preparing for future events like the permafrost virus. Host Matthias Catón discusses technology’s role in risk assessment, citing Google’s use of search data to track flu outbreaks. Drux highlights how AI and technology can enhance risk prediction and data quality, especially in the insurance sector.

The episode addresses geopolitical risks such as power shifts, tensions in the Middle East, and China’s assertiveness, with Drux advocating for peaceful solutions and innovation. Companies should take Drux’s advice and manage talent shortages, especially in Europe, while also incorporating ESG factors into their strategies.

The Global Risk Report, a collaboration between the World Economic Forum, Marsh McLennan, and Zurich, serves as a valuable resource that highlights risks like misinformation, climate change, and social unrest. Drux points out the evolution of risk management, noting a shift to new risks like cyber threats and environmental challenges.

The conversation covers whether non-insurance companies are effective at assessing risks and the importance of diversifying production and markets. Drux emphasises the importance of learning from past mistakes with countries like Russia and China while balancing ethical and political views. He predicts a tumultuous decade filled with both innovations and challenges, stressing human rights and the responsible use of AI.

The discussion ends on a hopeful note, with Drux underlining humanity’s broader aim of survival. This episode is essential for understanding the ever-evolving landscape of global risks and the need for businesses to adapt proactively. The topic is vital today as companies navigate an increasingly complex and dynamic world.