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COMMENT www.gotcredit.com Leighton Chenery For those who follow the World Economic Forum in Davos, the forum provides a fascinating insight into the minds of our top business leaders’ and politicians. Risk was again the topic of the day. From Brexit to China’s debt issues, from migration to food shortage, oil price to climate change, the discussion and debates around the halls centre around how to solve the important issues that threaten the stability of our economies and world security. Sutton Winson is a specialist Insurance Broker in the Broadcast & Media industry and is able to help you manage your business risks. To discuss your insurance requirements, please contact Leighton Chenery on Leighton. chenery@swib.co.uk, call 07976327407 or visit suttonwinson.com In this article I hope to give you a better understanding of what risk means, how these are interconnected, the impact of Risk on our every days lives, and how as business leaders we have a responsibility to drive change. What does ‘Risk’ mean for us? Risk is a complex and often misunderstood subject. By its very nature it is uncertain and for most of us we only get to hear about disasters. The perception of risk can be very different depending on whom you talk to. The Challenger Shuttle disaster is a classic example of this when Ground Engineers assessed the risk at 100/1 but Management quantified this at 100,000/ 1. 42 | KITPLUS - THE TV-BAY MAGAZINE: ISSUE 112 APRIL 2016 Risk affects how Businesses plan and invest for the future. Despite its connotations, Risk doesn’t always mean downside. The actions and investment that business leaders make today can have a tangible impact on future bottom line, and a positive benefit to society. But even the most successful companies are hard hit when they least expect it. And the outcome of risk events can be seriously detrimental upon a company’s hard earned reputation, revenue and share price. EXXON OIL SPILL MAN MADE 2008 CRASH 2004 TSUNAMI FINANCIAL NATURAL Tsunami, floods and terrorism, are the high risks that usually come to mind. However there are many hidden risks that are gradually having major implications in the world we live in. Political and societal shift have a far wider impact than many might appreciate. The growing gap between the wealthiest and poorest is dividing society, and today 20% of the population use 75% of the world’s resources. As populations grow, there is no getting away from how people feel. They are beginning to vent their frustration and anger and the advent of Social Media / Internet helps to drive revolts, causing riots to fester very quickly. Disenfranchised individuals are being lured into crime and terrorism, and even Governments being overthrown.