The adoption of emerging technologies across the global financial services ecosystem continues to drive considerable benefits for institutions and consumers. However, it also introduces new risks, some of which may threaten the stability of the financial system if not properly identified and managed. In this report, we explore the implications of technology-driven risk originating in five sectors (banking, capital markets, payments, insurance, and investment management), and investigate the regional implications of critical cross-sector risks.
The world faces a set of risks that feel both wholly new and eerily familiar. The Global Risks Report 2023 explores some of the most severe risks we may face over the next decade. As we stand on the edge of a low-growth and low-cooperation era, tougher trade-offs risk eroding climate action, human development and future resilience.
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide especially in the United States and major European economies triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.
This paper provides a summary of key highlights from interviews with 16 members of the World Economic Forum's Community of Chairpersons, on climate action held in late 2021. It explores key issues and best practices for board members across strategy, risk and opportunity, stakeholders, board competence and operations in relation to climate.
The Global Risks Report 2022 presents the results of the latest Global Risks Perception Survey (GRPS), followed by an analysis of key risks emanating from current economic, societal, environmental and technological tensions. The report concludes with reflections on enhancing resilience, drawing from the lessons of the last two years of the COVID-19 pandemic.
