25 Feb Risk or Issue?
The quote “Prediction is very difficult, especially about the future” has been attributed to Niels Bohr. Sometimes it seems we forget that risk is all about uncertainty (e.g. this could happen, this may happen) and confuse it with issues (e.g. what is happening right now).
This is not to suggest that risk management is about trying to read the tea leaves, as we’re obviously looking for evidence-based rigour to be applied to decision making and problem solving in risk, but risks and issues can be difficult to differentiate between. Having recently read the World Economic Forum Global Risks Report 2019 (https://www.weforum.org/reports/the-global-risks-report-2019) on the back of reviewing the 2018 Report (https://www.weforum.org/reports/the-global-risks-report-2018), it would appear we have a great deal more certainty than uncertainty in the consequences and likelihoods associated with climate change, cyber-security and the other global risks identified.