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A multi-stakeholder approach to risk resiliency

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  • Brende, Børge

Abstract

Profound technological disruption — what has come to be termed the Fourth Industrial Revolution — and fractures within the geopolitical system are shaping the global risk horizon. This paper uses data from the World Economic Forum’s 2018–2019 Global Risks Perception Survey and the Global Risks Report 2019 to identify how these two factors are adding complexity to the global community’s ability to manage the primary economic, environmental and technological risks facing the world today. Specifically, the paper points to the danger of a risk-response divergence: as the magnitude and complexity of global risks are growing, the desire of stakeholders to address these risks in concert through multilateral entities appears to be diminishing. Yet, there is promise in the growth of multi-stakeholder initiatives that bring together business, government and other parties in pursuit of mitigating common risk. In surveying these initiatives at the global and national levels, the paper considers the specific benefits a multistakeholder approach brings to risk resiliency.

Suggested Citation

  • Brende, Børge, 2019. "A multi-stakeholder approach to risk resiliency," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 12(3), pages 223-231, June.
    • Handle: RePEc:aza:rmfi00:y:2019:v:12:i:3:p:223-231
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    More about this item

    Keywords

    Fourth Industrial Revolution; geopolitical risks; economic risks; environmental risks; cyber-risks; multilateralism; multi-stakeholder;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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