5 geopolitical risk factors affecting organizations in 2023
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As the acute impacts of the COVID-19 pandemic subside in many countries, organizations worldwide are still set to encounter significant risks in 2023.
The International SOS Risk Outlook 2023 report compiled data on the medical and security environment of countries around the world with rankings from “Insignificant” to “Extreme” levels of risk. Many of the findings from the report are based on a survey of 1,218 senior risk professionals across 108 countries.
Five global risk predictions for 2023
Drawing on the findings of the Risk Outlook 2023 survey, the Workforce Resilience Council and organizational data, International SOS’ top five trends organizations need to be aware of in 2023 are:
- The power of intelligence in decision-making
- Geopolitical shifts, socio-economic challenges and increasing polarization
- Business and leisure travelers requiring support
- Climate change and other forces increasing health risks
- Mental health in the workplace
Accounting for the impact of geopolitical shifts
The Russia/Ukraine conflict was the defining security issue of 2022, highlighting how geopolitics and the threat of interstate conflict are back on the corporate risk agenda. The conflict will certainly still have an impact in 2023, so it is beneficial for organizations to learn how to effectively handle the shifting global risk environment. Geopolitical volatility will also spread beyond Russia/Ukraine in the next 12 months, as increasing fissures between Russia and the West will impact other conflicts and exacerbate longstanding geopolitical tensions.
The growing threat of climate change
In 2023 the impact of climate change needs to be considered at multiple levels, beyond the immediate effects of extreme weather events. It is foreseeable that health risks associated with climate change may increase. Experts advise that climate change is contributing to an acceleration in emergence of new and re-emerging of old infectious diseases, illustrated by the multiple “unusual” outbreaks of the 21st century, including SARS, Ebola, COVID-19 and mpox.
For more report information, click here.
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