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Global Risks: Reflection

Risk management is a crucial aspect that affects the viability of a business or a project. Nonetheless, the most influential hazards are those at the global level. World Economic Forum (2020) documents several happenings that are likely to influence all people in relation to society, economics, politics, environment, and technology. Although the report examines considerable risks, some of them appear quite downplayed. For example, while World Economic Forum (2020) mentions the growth of mental illnesses, the paper does not emphasize the possible consequences of such an expansion. Moreover, the report did not envision disputes between countries that could lead to armed conflicts or even wars (Atwood, 2021; World Economic Forum, 2020). Notably, all risks mentioned in the document seem to have impacted my country, Singapore, to a certain extent, from economical and political influences to fires (World Economic Forum, 2020; See Kit, 2021; See Kit, 2022). Two aspects I would change in the authors approach to risk assessment are analyzing more about the mental health consequences for people facing the listed hazards and the probabilities of military battles between nations. Overall, the report includes various risks that influence the whole planet.

Responses to Risks

Similar to the majority of modern enterprises, my workplace uses new technologies. Consequently, out of global hazards, my company is likely to be endangered by cyber-related issues (World Economic Forum, 2020). Risk management refers to reducing the harmful effects of an event by anticipating unwanted occurrences and developing strategies to handle them (Samimi, 2020). Therefore, to cope with the influence of digital hazards, such as cyberattacks, I would identify ways to manage the risks. Both for a project and at an organizational level, I would respond to technology threats by reducing them. In particular, I would employ the best technical specialists and provide them with incentives while performing executive evaluations (Nicholas and Steyn, 2017). To cure digital dangers at the national and global scale, it may be useful to concentrate on contingency planning to prepare a course of action for each peril (Nicholas and Steyn, 2017). Such an approach would enable governments to monitor threats and their trigger symptoms so that authorities could take remedial or preventative actions (Nicholas and Steyn, 2017). Risks can be addressed in different ways, and one must be prepared to respond to possible dangers.

Reference List

Atwood, R. (2021) 10 conflicts to watch in 2022. Web.

Nicholas, J. M. and Steyn, H. (2017) Project management for engineering, business and technology. 5th edn, New York, NY: Routledge.

Samimi, A. (2020) Risk management in oil and gas refineries, Progress in Chemical and Biochemical Research, 3(2), pp. 140-146.

See Kit, T. (2021) NParks developing forest fire detection and monitoring system for nature reserves, CNA, Web.

See Kit, T. (2022) Sharper rise in inflation, geopolitical tensions are downside risks to Singapore economy: MAS survey, CNA, Web.

World Economic Forum (2020) The global risks report 2020, Proceeding of the 15th world economic forum, Geneva, Switzerland. Web.

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