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Global risks Article October 08, Covid has delivered a huge shock to our planet. But Peter Fo, Group Chief Risk Officer, says there is a more subtle dstraction than the virus itself: distraction Share this Regional Risks for Doing Business Survey Open the interactive map Covid has unquestionably delivered one of the biggest shocks to our planet in generations. The global health crisis is fast turning into an economic crisis that is likely to have major societal and geopolitical repercussions for years to come. But there lies something representing an even more subtle menace than the virus itself: distraction. We run the risk of diverting our attention exclusively toward Covid issues and losing ground on other major strategic, long-term risks.

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Distraction

In many countries, for instance, cancer screening was suspended, routine diagnostic work and treatment deferred, and some clinical trials halted with future funding now in question. These may include nuclear proliferation, refugee migration, poverty, cyber security, biodiversity loss and, of course, climate change.

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The pandemic nic put a spotlight on some big issues and has got us to reassess our priorities. The crisis forced late adopters of digitalization, virtual working and e-commerce to catch up overnight, which could mean greater access to information and knowledge, as well as productivity gains. When you are trying to come up with new ideas, a laser sharp focus may backfire – and a distraction could actually boost lookinng chances of finding.

There is more focus on youth unemployment. This impact could be worse on developing countries where malaria, tuberculous and AIDS are a greater threat to populations than Covid These range from supply chain vulnerability to cyber security and inter-state conflict.

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This included discharging patients early to free up beds, canceling appointments, and postponing planned treatment. distraction. We have also witnessed a great global technological leap. We could see a shortfall of investment in climate action and a loss of both public and political attention on the environment.

This phenomenon is known as cognitive fixation, and many psychologists now consider it to be the principle barrier to true creativity.

But Peter Giger, Group Chief Risk Officer, says there is a more subtle menace than the virus itself: distraction Share this Regional Risks for Doing Business Survey Open the interactive map Covid has unquestionably delivered one of the biggest shocks to our planet in generations. But there is hope.

It is also important not to forget that risks are international and interdependent. Acting on climate change remains urgent as ever.

Distraction

Covid may be a short- to medium-term distraction, but its long-term legacy could be positive. We run the risk of diverting tor attention exclusively toward Covid issues and losing ground on other major strategic, long-term risks.

Healthcare institutions had to rede their services to release capacity for treating patients with Covid Then, this offers hope diatraction we may finally see decisive and impactful action taken to combat climate change. Global risks Article October 08, Covid has delivered a huge shock to our planet. More emphasis is being placed on mental illness due to the consequences of a prolonged period of social distancing. But once again, no environmental risks appear in the top 10 Risks for Doing Business.

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Distractlon the opportunity to spend money on newer and trendier possessions may divert us from using it to accomplish a greater good in this world. It has revealed many underlying inequalities that the global community and national governments have been discussing for years — now, we could see action. The global health crisis is fast turning into an economic crisis that is likely to lookking major societal and geopolitical repercussions for years to come.

But there lies something representing an even more subtle menace than the virus itself: distraction.

In each case, the. Related articles. It is still our biggest existential threat. Climate change: loss of public and political attention?