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Pandemic risks creating economic winners and losers
The pandemic risks creating economic winners and losers and will stunt progress on climate action over the next five years, the World Economic Forum (WEF) said. In particular, vaccine inequality will make economic recover uneven globally, which threatens to deepen geopolitical tensions and social differences. The WEF The global risks report 2022 is in its…
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Global GDP could rise over 4 per cent in 2022
Global GDP could rise over 4 per cent in 2022, but risks abound, according to the Economist Intelligence Unit (EIU). While different regions will recover at varying speeds, global risks could derail growth everywhere. Divided world First, the global economy could split in two as countries side with either the US or China. That could…
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Construction sector looks set for growth
The global construction sector looks set for growth as governments focus on major infrastructure projects to boost economic activity. “The switch to sustainable energy and the adoption of modern building methods will transform the risk landscape, with radical changes in design, materials and construction processes” according to a report by Alliance. In fact, Oxford Economics…
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Companies face wage rises and increasing scrutiny on low pay
Companies face wage rises because of inflation and increasing scrutiny for any breaches of minimum wage payments. Average weekly earnings in the UK have grown to 5.7 per cent, says research from the National Institute of Economic and Social Research (NIESR). That is the highest level in more than two decades. While NIESR found little…
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Concern grows over risk of AI warfare
AI warfare is rapidly becoming a global threat and needs urgent control and regulation, according to UK AI expert Stuart Russell. The University of California Professor is to warn in the BBC’s Reith Lectures that there should be an immediate ban on the use of machines that hunt and kill humans. He told the Financial…
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European banks fail climate change risk test
European banks have failed a climate change risk test in first survey of the sector by the regulator European Central Bank. Risk management at none of the banks was “close to aligning their practices with the supervisory expectations,” ECB said. In fact, 90 per cent of the 112 institutions said they were not ready to…
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Right to repair gathers pace
The right to repair movement that seeks to enable consumers to mend broken technologies is gathering pace. Apple recently became the latest technology business to say it will allow consumers to repair their own devices. That could reduce the life-time cost of pricey kit including iPhones and Macs. While it held back revealing the cost…
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IRM issues guidance for charities on embedding emerging risk management
The political, economic, sociological, technological, legal and environmental (PESTLE) context in which we live and do business is fast-moving. This creates an ever-changing risk environment for organisations, with a fluid set of emerging risks and opportunities. It is therefore very important to consider emerging risks to keep pace with the evolving risk context. “People often…
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Reducing risk in the decision-making process
Many organisations traditionally use a top-down approach. Leaders are expected to lead from the front, to make decisions and set wider goals that are communicated to the business. But does this approach increase the risk that management might itself make the wrong decisions — especially given that Covid-19 has created considerable short term uncertainty and…
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IRM appoints independent non-executive chair – Stephen Sidebottom
At a time when managing risk is at the forefront of every leader’s strategic decision making, the leading professional body for risk management, the IRM, has appointed a new independent non-executive chair. Stephen Sidebottom, MA, MBA, Chartered FCIPD, FRSA took over the reins on 1st June 2021 from Iain Wright, CMIRM, Chief Risk Officer, Europe, Canada Life. Stephen has over 30 years’ international…
