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Risk in Context Podcast: Executive strategies for managing risks amid a turbulent outlook

Interconnected and multilayered risks are contributing to a pessimistic global outlook for 2024 and beyond.

01/30/2024 · 3 minute read

Interconnected and multilayered risks are contributing to a pessimistic global outlook for 2024 and beyond. And according to data revealed in this year’s Global Risks Report — produced by the World Economic Forum with the support of Marsh and other partners — the long-term outlook is expected to be even more turbulent.

As newer risks, such as the challenges posed by AI-fueled misinformation and disinformation, merge with evolving risks, such as interstate conflict, organizations and their risk managers should take action to understand the level of fragility within their own ecosystem and to address these risks. At the same time, the turbulent outlook unveiled in the Global Risks Report underscores the importance for boards and executive committees to put risk high on the agenda and build a more resilient organization that can seize opportunities and effectively overcome crises.

In this episode of Risk in Context, Carolina Klint, Marsh McLennan’s Chief Commercial Officer for Europe, speaks with Reid Sawyer, Head of Marsh's Emerging Risks Group and US Cyber Consulting Leader, about the findings from this year’s report and what these insights mean for risk managers. They also discuss actions that risk managers should consider taking to prepare and respond to both short- and long-term risks and work towards building resiliency within their organizations. 

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Key takeaways

Look across timeframes to manage interconnected and multilayered risks.

In today’s era of permanent crises, organizations — and their risk managers — need to think across different risk horizons to better understand the challenges to their organization and be able to make the needed adjustments to their broader risk strategy.

AI-fueled misinformation and disinformation may be the new normal.

Misinformation and disinformation pose significant challenges to organizations, including reputational damage, potential risks for directors and officers, and product liability. Risk managers should understand the potential impact of these risks on their organization and their existing insurance program.

Strategic risk management needs to be high on organizations’ agenda.

Boards and executive committees that understand the importance of putting risk high on their organizations’ agenda are the ones most likely to succeed. Risk managers should challenge their understanding of the status quo and examine how changing risks could impact their organization.

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