The World Economic Forum (WEF) on Wednesday launched a Risk Response Network (RRN) in Davos to facilitate collective response to complex and interconnected global risks.

WEF states that the new network will address concerns about widening economic inequalities and failed global governance systems underpinning a raft of other interrelated risks ranging from financial governance to cybersecurity and resource scarcity.

The network, launched on the opening day of the WEF 2011 Annual Meeting, is also aimed to help global leaders function effectively new risk landscapes.

Throughout the extreme shocks of recent years, both public and private sector leaders have been struggling to avoid collapse and keep the economy afloat. This year in Davos, the mood is shifting to these global leaders taking a more forward-looking approach, exploring how to proactively address complex risks and associated opportunities, said Kevin Steinberg, Chief Operating Officer, World Economic Forum USA, and Head of the Risk Response Network in a statement.

The World Economic Forum will support the RRN with a permanent staff, through face-to-face and virtual meetings, a proprietary online platform to better enable ongoing virtual collaboration and a dedicated knowledge curation capability.

Besides this, the forum will also aid RRN to offer the following services:

  • The most compelling insights: Drawn from the World Economic Forum's own knowledge generation and insight, including the Global Agenda Councils and a network of the world's top universities and private sector content providers
  • The most relevant global decision-makers: Through a new and unique community of Risk Officers from top corporations, governments and key international organizations
  • The most suitable tools and services: By developing proprietary, custom-designed risk analytics and risk management processes, to enable decision-makers not only to better understand key risks in depth and in context, but also to respond to them proactively and to mobilize quickly in times of crisis