The fourth Alrim conference on global risks was hosted at the Chamber of Commerce on 3 July with Alfi
Major actors in Luxembourg were urged to expand their horizons at a meeting of Luxembourg’s risk management association Alrim.
The fourth Alrim conference on global risks, hosted at the Chamber of Commerce on 3 July, welcomed some of the biggest innovators in the country for an exchange about risk mitigation.
Alrim vice president and conference moderator Philippe Soler said in his opening speech:
“The strategic horizon of companies has shrunk considerably over the last decade because of accelerated innovation, among other factors. The system for monitoring risks to companies has tended to conform to this short-term horizon, to the detriment of monitoring underlying (and often less visible) phenomena which do not appear to be immediate threats,”
He urged players to remain “highly alert when it comes to medium-term risks which can emerge unexpectedly after long periods of seeming silence”.
The World Economic Forum’s twelfth global risks report, based on a survey of 745 global experts and decision-makers, was summarised for the event by Aengus Collins. He highlighted the top three risks in terms of probability as: extreme weather events, large-scale, involuntary migration and major natural disasters.
While, in terms of having the largest impact, the biggest risk factors were linked to weapons of mass destruction, water shortages and major natural disasters. New technology was also cited as a disruptive element on established economic models and socio-political changes, Collins said.
Reflecting on the risks facing Luxembourg, a round-table panel underlined the need to develop multi-sectoral strategies in the medium and long-term.
Chamber of Commerce president Carlo Thelen went further, saying that the key for mitigating such risks was rethinking the concept of classic growth. He said that renewable energy, mobility, architecture and the smart and circular economy were all cornerstones of this strategy.
As for dealing with automation, Thelen underlined steps already taken in this area and said that constant training will be the key to committing to a hyper-digital future and to ensuring that Luxembourg remains a global financial hub.