The European Talk show for Risk and Insurance professionnals
This is a very good question. For me, it means moving from assessing (and pre-empting) a risk, to assessing and pre-empting solutions to manage that risk. Take the case of Europe: Europe is facing an unprecedented number of internal and external challenges with complex ramifications for citizens, business, politicians and governments. Focusing on resilience, as opposed to risk, is therefore crucial but it requires whole-of-society buy-in. Finally, resilience requires not only strategic foresight but clear and effective communication.
First, by planning ahead. Business has been better at this – and we are increasingly seeing governments and international organisations using scenario planning when talking about resilience. Second, by communicating. Part of the problem with risk management is that people are not always clear on what solutions are out there, or how they can and should work with others to address them. Third, accept that you cannot control everything but learn from shared experience. There will always be some aspects that you have not thought about; the key is making sure you can learn from experience and include it in your resilience planning going forward.
Ambition, complexity and patience. It’s the first time I can remember the European Commission presenting so many ambitious legislative packages at one time – and the reality is that unless the EU makes digital and tackling climate change its priorities, it risks not only leaving its citizens worse off – but also being at a disadvantage compared to other countries around the world. However, meeting the challenges set out in this agenda will need buy-in from EU governments, MEPs but also business and people. This will require a lot of patience, as well as time.