While global risks outlined in the Global Risks Report, published by the World Economic Forum with support from Marsh & McLennan, are dire, lessons from COVID-19 offer an opportunity for mitigation. Global risks — pandemics among them — crystalize differently, but cross-cutting capabilities and systemic approaches to strengthen the overall resilience of countries, businesses and the international community are possible. The response to COVID-19 so far offers at least four governance opportunities.
- Frameworks: Formulating detailed analytical frameworks that take a holistic and systems-based view of risk impacts will help to surface potential dependencies at a fitting moment, spill-over consequences, vulnerabilities and blind spots.
- Risk champions: Investing in high-profile “risk champions” who can bring together different stakeholders to spur innovation in risk analysis, financing and response capabilities, and improve relationships between scientific experts and political leaders (1).
- Communication: Improving the clarity and consistency of risk communications and combating misinformation.
- Public-private partnerships: Exploring new forms of public-private partnership on risk preparedness in technology, logistics and manufacturing. (Community-Based Catastrophe Insurance: A Model for Closing the Disaster Protection Gap)
Read more about the governance opportunities offered by the response to COVID-19, beginning on page 25 of the 2021 Global Risks Report >>
- Smith-Bingham, R., Wittenberg, A. and Kaniewski, D. 2020. “Building national resilience: Aligning mindsets, capabilities and investments”. Marsh & McLennan Advantage. April 2020.