Call for All-Hazards Approach to Risk

Governments need to overcome silo-thinking and take a coordinated approach to risk, according to a new Organization for Economic Co-Operation and Development (OECD) report. “Innovation in Country Risk Management† produced in conjunction with Swiss Re and Oliver Wyman notes that in today’s interdependent societies, it can be unclear where one risk ends and another begins. While government efforts to assess large scale risks often focus on specific types of event, such as a flood or earthquake this form of governance is far from optimal in today’s interconnected world where risks are more complex. OECD’s Jack Radisch warns: “The current financial turbulence is a telling example of how the management of risks we face in society should be coordinated from A to Z.† The countries covered in OECD’s study include: Canada, Japan, the Netherlands, Singapore, the United Kingdom and the United States. All six are making good progress to establish an all-hazard view of potential sources of risk, from natural disasters to terrorism to pandemics, according to OECD. Check out I.I.I. info on catastrophes and insurance issues.  

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