Global Risk Trends in 2024: International SOS Report Highlights Potential Challenges

Business News9:48am2024-02-13

The latest International SOS Risk Outlook Report 2024 shows that 80% of senior global risk experts surveyed expect that: Burnout will have a significant impact on businesses in 2024, but only 41% of respondents believe this to be the case. Their organizations are ready to face such situations.

Furthermore, there is a tendency to accumulate crises around the world. This will continue into 2024 as extreme weather conditions and intensifying instability around the world put a strain on organizations, resulting in increased employee burnout.

Sally Lewellyn, Director of Global Security for International SOS, said organizations will face many risks in 2024 as insecurity remains a key issue in the environment. The continuous pace of crises makes it even more difficult for organizations to overcome challenges. Crisis management teams working continuously since COVID Therefore, there is a high risk of burnout in carrying out this important task.

“Proactive risk management will be key. This is because many respondents expect the risks that companies will face in 2024 to increase. Collaboration with other organizations or experts helps us understand secondary or third-order risks and impacts that may occur in a specific geographic region, industry or travel pattern. Advance notice helps organizations plan for or mitigate potential risks. It is also important to ensure flexibility within the departments responsible for crisis management. while increasing the number of managers who can step in and help care for people in times of crisis and empower these managers with appropriate training. It is important to help ensure and strengthen trust in this regard. One crisis after another will not affect large-scale business operations.”

Overview of global risk trends in 2024

1. Completely exhausted – A series of crises debilitates the mind.

Meanwhile, the volatility caused by the COVID pandemic has eased in recent years. The conflict between Ukraine and Russia has once again thrown supply and service chains across all sectors into turmoil and disruption. These cumulative stress situations put employees at even greater risk of burnout. Research has shown that organizations are facing a significant increase in stress-related absenteeism. The interviewees underlined the level of risk perceived in the next 12 months; is at its highest level on record, with 65% believing global risks will continue to increase in 2024, causing more crisis management fatigue than before the outbreak.

2. Climate crisis – when global warming arrives

Over a period of more than 2,000 years, global temperatures have risen even faster over the past 50 years, indicating that How relevant are climate risks to businesses around the world? One in four organizations has revealed that their activities are affected by events related to climate change. and report notifications (Warnings) from International SOS in 2023 indicate extreme weather events This is the second highest type of alert situation among the thousands of alert reports issued by International SOS.

while only half of those surveyed said that they have considered and incorporated the issue of climate change into their health and safety plans. what this problem highlighted. How many organizations are at risk? And it is certain that this problem will not disappear. About three-quarters of companies revealed that extreme weather will hinder their employees and operations in 2024.

When the weather and climate in many regions of the world change The health risk environment is also evolving. Dr. Irene Lai, Global Medical Director of International SOS, commented: “Many of the extreme weather events we experienced in 2023 may become more common in 2024, which could lead to greater climate concerns among workers, such as extreme heat in Europe. There could be even more named heatwaves after the first heatwave in 2023 was named “Cerberus.”

“When the temperature increases, the possibility of spreading the disease also increases. Because these factors create an environment suitable for the occurrence of mosquito-borne diseases. We have seen this happen in some regions, as with malaria epidemics in several US states over the past two decades. Changing malaria transmission patterns in the African highlands and vector-borne disease trends in Europe. This poses significant challenges for public health officials. Therefore, prepare plans to address health risks that have never occurred before and are likely to increase. Therefore, it is an important issue for various organizations.”

3. Global instability is intensifying.

Respondents said that geopolitical tensions will occur in 2023. It is the second topic of greatest security concern. Three-quarters of those interviewed are convinced that their organizations will be particularly affected in 2024. Crisis still ongoing in Israel and the Gaza Strip. Including the long conflict in Ukraine. This results in global instability. Social unrest and disorder go hand in hand with political instability. This is a topic of great concern for many organizations, and due to the unpredictable nature of these incidents, companies need to take effective security measures. Address the challenges that may arise from the ever-evolving global geopolitical situation.

4. AI – Risks and opportunities

Artificial intelligence (AI) has the potential to revolutionize industries, but it is currently taking on the critical task of separating reliable information from false information and deliberate distortions for companies. it’s more complicated More than two in five respondents to the Global Risk Trends Survey said yes. They are concerned about the potential impact of inaccurate and distorted medical information on their employees. And the number of respondents rose to three out of five when asked about political disinformation. This issue could present a particularly challenging situation as the United States is about to have a major election.

5. New type of employment contract

Three-quarters of organizations responding to the survey revealed this. Employees increasingly expect a duty of care from their companies. The data also reflects organizations now taking on tasks that were once considered government responsibilities, such as two-thirds of organizations. The organization has expanded the scope of employee benefits to also include support for employees’ families in times of need. It is considered a reminder. Gone are the days of providing only basic healthcare services to employees. Although occupational health services for employees remain important But it is necessary to solve it with a series of assistance and support measures. To protect and care for employees

By InfoQuest News Agency (February 13, 2024)

Tags: International SOS Risk Outlook Report 2024, burnout, International SOS

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