World Economic Forum: Global Risks Update 2019

Each year in Davos, Switzerland, the annual WEF (World Economic Forum) thought leadership event brings together the worlds of commerce, charity, politics, science, activism and academia. It also publishes a Global Risk Report.

Risk is of critical importance to internal auditors. It is at the heart of assurance and advisory work. We focus here on the top global risks. You will gain insight into new perspectives on risk and how to use them in relation to your audit plan.


Overview

As world leaders focus on internal risks within their own countries, the WEF continues to counsel about macro risks that require collaboration to find global solutions.

Davos provides a platform for formal debate and informal networking, yet progress faces a setback in 2019 with many cancelled trips because of mounting domestic pressures: Trump’s US government shutdown, Xi Jinping’s economic slowdown in China, May’s Brexit chaos, Modi mid-election in India and Macron’s yellow vests in France. The WEF warned of state-centred politics last year which has so far continued and brought with it a lack of appetite for collective responses to global challenges.

With a hiatus in global leadership underway, now is the time for individuals to make a stand. What can you do as audit leaders? What impact could your advice and assurance have on the actions of your organisation or a bigger stage? Before you say what difference can I make, that didn’t stop 15-year-old Greta Thunberg when she spoke out at the UN Climate Change Conference in December 2018. It was profound.

If you haven’t heard it or simply want to be inspired again click the link below:

The top five global risks in terms of likelihood remain the same as last year, with exception to a few position changes. This is unusual because current issues often influence…