The Global Risk Network (GRN), an initiative under the World Economic Forum (WEF), released its Global Risk Report 2010 today. The report is produced annually in conjunction with the WEF Conference in Davos and 2010 is the fifth year of the report. This year, the report emphasizes the “interconnectivity” of global matters and the long-term view needed to identify and reduce major risks. The report sets the stage by noting that the increase in interconnections among risks means a higher level of systemic risk than ever before. Thus, there is a greater need for an integrated and more systemic approach to risk management and response by the public and private sectors alike. In a contrast to previous years, today’s report underscored that a long-term view is critical to predicting major exposures. Previous Global Risk Reports have not been as careful to clarify the timeline of the discussed exposures. The report comments that: the biggest risks facing the world today may be from slow failures or creeping risks. Because these failures and risks emerge over a long period of time, their potentially enormous impact and long-term implications can be vastly underestimated. Further, the 2010 document seeks to provide more pragmatic guidance
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