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Risk and Crisis Management

by Milena Radoman

After being plunged into a health crisis, the world now faces other threats. How are these to be dealt
with? Here, Monaco Economie provides an overview of public and private risk management players, from

prevention to crisis management, health risk and cyber risk.

A real era of uncertainty is opening up before Emergence of «Mega-Risks» impact of climate change. Climate risks
us. After an unprecedented health crisis International organisations have understood are worsening faster than expected. With
linked to the Covid-19 pandemic, the planet this well: “The major disasters that have warming estimated at at least 1.5°C, climatic
is holding its breath, its gaze fixed on the occurred in recent years (such as the terrorist hazards are unavoidable. Nearly half of the
war in Ukraine and the threats of nuclear attacks of 9/11, the emergence of previously world’s population experiences severe water
attacks from Vladimir Putin. Between unknown infectious diseases, floods of rare scarcity for at least one month a year, which
climate degradation and energy crisis, we magnitude in Europe, devastating bush intensifies health risks. From 2030-2040
no longer know where to turn: “The period of fires in Australia and extremely violent ice onwards, more and more territories will
the next 12 months promises to be difficult storms in Canada) gave rise amongst the become uninhabitable.
on the economic, social, meteorological and member governments of the Organisation
energy level...Making forecasts beyond six for Economic Co-operation and Development National Scale
months turns out to be very complicated,” (OECD) to the idea that something was going Mankind cannot protect itself from
confided Christophe Barraud, “the best on there, something new,” it was noted at everything but the damage can be limited
forecaster in the world” according to the the OECD 20 years ago, in a first report when confronting a risk. At the national
financial agency, Bloomberg, on a stopover on emerging systemic risks. “Such ‘mega- level, prevention policies aim to reduce
in the Principality for the Monaco Business hazards’ do indeed have the ability to inflict harmful consequences, in addition to
trade fair. For in this uncertain world, there massive damage to the vital systems and crisis management and compensation
are multiple risks at the planetary, national infrastructure on which our societies and for victims: knowing the risks, informing,
and economic level. economies depend.” Currently, reports from educating, monitoring, forecasting, reducing
the International Panel on Climate Change vulnerability, protecting, preparing for the
*Source: Prevention of Major Risks, the French Approach,
Minister of the Environment. warn more than ever of the devastating crisis, using feedback and empowerment*

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