World Economic Forum launches Risk Response Network

DAVOS: The World Economic Forum on Wednesday launched a Risk Response Network to help global leaders collectively address various risks related to financial governance and resource scarcity, among other things.

Launching the network here, the WEF said the platform will help member nations to better understand, manage and respond to complex and intertwined risks worldwide.

“The Risk Response Network ( RRN) will address concerns about widening economic inequalities and failed global governance systems underpinning a raft of other inter-related risks, ranging from financial governance to cyber-security and resource scarcity,” the forum said in a statement.

According to the WEF, the network will also assist in giving a global insight to emergency response in real-time.

“Throughout the extreme shocks of recent years, both public and private sector leaders have been struggling to avoid collapse and keep the economy afloat.

“(RRN is) an umbrella of projects and initiatives all designed to help global leaders better understand, prepare for and respond to risk,” World Economic Forum USA Chief Operating Officer Kevin Steinberg, who is the head of the RRN, said.

WEF will employ permanent staff for the RRN, which will use a proprietary online platform to enable virtual collaboration between global leaders.