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.
Katja Creutz, Programme Director, FIIA
Risto Vuohelainen, COO & Executive Director, Business Finland
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
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)