Geoeconomic Risk Management: New Tools for Managing Geoeconomic Risks

Livestream · 14.12.2022 14:00 - 16:00

The risk picture for European companies is in flux. Companies face an urgent need to identify, assess and mitigate a whole range of new risks coupled with the rise of geoeconomics in the international system. Export controls, financial sanctions, trade embargoes, anti-competitive subsidies and data localization measures have become the new normal. For companies, these issues constitute risks that are fundamentally different from traditional country-specific political risks. The new geoeconomic risks are usually transnational in nature and stem from the accelerating great power competition. As a result, economic security has risen to the top of the agenda for both states and businesses alike as they seek to adjust to this new era of strategic competition.

This seminar discusses these new geoeconomic challenges and presents a vision for a new digital risk management tool designed to enhance public-private preparedness to geoeconomic risk. The seminar is part of the research project ‘International Business Risk and Resilience Monitor for Strengthening National Economic Preparedness’ and marks the launch of its report titled Navigating Geoeconomic Risks: Towards an International Business Risks and Resilience Monitor. The project has been funded by the European Union via the Technical Support Instrument and implemented by the Finnish Institute of International Affairs (FIIA) in cooperation with the European Commission’s Directorate-General for Reform Support (DG REFORM). The project seeks to develop processes and analytics to support risk management and enhance strategic-level public-private dialogues concerning geoeconomic risk.


Opening Words
Katja Creutz, Programme Director, FIIA
Risto Vuohelainen, COO & Executive Director, Business Finland

Report presentation
The Grand Geoeconomic Game: Where We Are, What to Expect?
Mikael Wigell, Research Director, FIIA

Geoeconomic Risk Management: New Tools for Managing Geoeconomic Risks
Heiko Borchert, Associate Fellow, CASSIS – Center for Advanced Security, Strategic and Integration Studies

Addressing Geoeconomic Challenges: Recommendations
Christian Fjäder, CEO, Geostrategic Intelligence Group

Stakeholder Perspectives
Lenita Toivakka, Director of International Affairs, Finland Chamber of Commerce
Timo Vuori, Director of International Trade, Head of Trade Policy, Confederation of Finnish Industries (EK)


Opening words

Katja Creutz

Programme Director, FIIA

Katja Creutz is Programme Director of the Global Security research programme. Her main field of expertise is international law and especially issues of responsibility, human rights and global governance. Dr Creutz holds a Doctor of Laws degree and a Master of Laws programme degree from the University of Helsinki and a Master of Political Science from Åbo Akademi University. She has previously worked as Research Fellow at the Erik Castrén Institute of International Law and Human Rights of the University of Helsinki. She is the author of the monograph "State Responsibility in the International Legal Order: A Critical Appraisal" (CUP, 2020).

Risto Vuohelainen

COO & Executive Director, Business Finland

Risto Vuohelainen is COO & Executive Director at Business Finland. He leads the internationalization services at national TPO Business Finland. He has over 30 years of international sales and business management experince in several industries including packaging, electronics manufacturing and nanotechnology.

Report presentation

Mikael Wigell

Research Direcor, FIIA

Mikael Wigell (IBRRM Project Leader) is Research Director at FIIA. He is also Adjunct Professor of International Political Economy at Tampere University and Member of the World Economic Forum Expert Network. He earned his PhD at the London School of Economics, and he has been Visiting Fellow at the Changing Character of War Centre, Oxford University. He has previously been Member of the Development Policy Committee of the Finnish Government and Chairman of the Finnish International Studies Association (2017–2019). His work on geoeconomics and economic statecraft has been published in top-ranked international academic journals such as International Afairs, World Development, Te Washington Quarterly, Comparative Strategy, Democratization, Asia Europe Journal and Global Afairs. He has also written policy reports and briefngs for the European Commission, the European Parliament, the Finnish Government and the Japan Development Bank. He is the editor (with Mika Aaltola and Sen Scho lvin) of Geo-Economics and Power Politics in the 21st Century: Te Revival of Economic Statecraft (Routledge 2018; 2020).

Heiko Borchert

Associate Fellow, CASSIS - Center for Advanced Security, Strategic and Integration Studies

Heiko Borchert owns and manages Borchert Consulting & Research AG, a strategic afairs consulting boutique. He is also Co-Director of the Defense AI Observatory at Helmut Schmidt University/ University of the Federal Armed Forces, Senior Research Fellow at the German Institute for Defense and Strategic Studies, Associate Fellow at the Center for Advanced Security, Strategic and Integration Studies (CASSIS), subject matter expert at the Hague Center for Strategic Studies (HCSS) and member of the advisory boards of Zeitschrift f A ußen- und Sicherheitspolitik and Te Defence Horizon Journal. He has studied international relations, business administration, economics and law at the University of St. Gallen, where he also received his PhD. His latest book as editor (with Johann Strobl) is Storms Ahead: Te Future Geoeconomic World Order (Vienna Raifeisen Bank, 2021).

Christian Fjäder

Geostrategic Intelligence Group

Christian Fjäder is currently heading the Geostrategic Intelligence Group, a private boutique consulting agency. He was Senior Research Fellow at FIIA during the project and prior to that, Director for Policy Planning and Analysis at the National Emergency Supply Agency (NESA) in Finland, with responsibilities in strategy development, international relations, and analysis and research coordination. He also has extensive corporate experience in security, risk and resilience leadership in regional and global leadership roles. For instance, he has headed Nokia’s regional corporate security function in the Asia-Pacifc region and the company’s corporate resilience functions as the global Head of Risk and Resilience. He has a PhD in International Relations from the University of Sydney, an MBA from Bond University, and an MA in International Relations and a BA in International Studies from Flinders University, Australia.

Stakeholder Perspectives

Lenita Toivakka

Director of International Affairs, Finland Chamber of Commerce

Lenita Toivakka is Director of International Affairs at the Finland Chamber of Commerce and Country Director of Finland for the International Chamber of Commerce (ICC). She is a former Member of Parliament (2007-2019) and former Minister of Foreign Trade and Development. Before her political career, Toivakka worked in a family business within the retail industry for 12 years, gaining solid know-how in entrepreneurship.

Timo Vuori

Director of International Trade, Head of Trade Policy, Confederation of Finnish Industries (EK)

Timo Vuori is Director of International Trade, Head of Trade Policy, at the Confederation of Finnish Industries (EK), which is - the Finnish member of Business Europe. Since 2015, he Vuori has acted also as a Member of the European Economic and Social Committee in Brussels, focusing on international trade issues. Educated as a lawyer in public international law, he is specialized in global economy, international trade and investments, as well as sustainability in trade. Previously, he has worked as a Vice President of the Finland Chamber of Commerce, as Secretary General of the International Chamber of Commerce in Finland and as Trade Expert at the European Commission.