The pandemic has had a double impact on organisations: forcing them to rapidly change business models while recognizing the interconnected nature of many risks.

[Free to read upon sharing contact details] As the build-up and response to Russia’s invasion of Ukraine has clearly demonstrated, the US, EU, UK, and many other countries use sanctions as both a reactive and proactive tool in foreign policy. Whether used as deterrent to specific actions or in response to major geopolitical actions, the sanctions themselves have significant and widespread implications for business that increase legal, operational and reputational risks to business across the globe.

The UK must be better at anticipating, preparing for and responding to a range of challenging risk scenarios, including those which it has never experienced before. The report emphasises that the Government’s current strategy of centralised and opaque risk assessment and risk management, which fails to make adequate preparations, has left the UK vulnerable.

Scientists at AIR Worldwide explain how acute physical risk from climate change is being measured in the insurance industry. They describe how catastrophe models are being built to account for climate change that has already occurred and are being adapted to quantify the future impact of climate change under a range of scenarios.