Risks on the horizon

Decision makers are faced with a world characterised by increasing turbulence, uncertainty, novelty, and ambiguity. These conditions make it more difficult to assess risks when making strategic decisions or planning for the long-term. This study presents a foresight approach to increase preparedness for unexpected developments and the risks they could create.

Foresight methods offer a way to consider and focus on risks that may be beyond the scope of traditional quantitative and qualitative risk assessment approaches. Several snapshots of the future depict different worlds that have undergone substantial changes as a consequence of emerging developments. An analysis of the risks inherent in the possible futures identified ten risk clusters that are relevant for decision makers, and mapped future developments that might lead to them.

The same development pathways that could lead to risks can also create opportunities, and the study provides some examples. Decision makers face the challenge of mitigating the adverse effects of risks, while reaping the benefits of potential opportunities. This study also presents the results of a Delphi survey that evaluated the scope and severity of risks. Three of the 40 risks identified in this study were assessed to be potentially existential for humanity: 1) environmental degradation, 2) environmental disasters, and 3) loss of power by humans.