The Bletchley Group (Bletchley) is calling on traders to rethink risk management by understanding the impacts of local and global affairs on their business.

Climate change, geopolitics and AI are said to present the biggest challenges in 2024. So, businesses are urged to understand the impacts and how to mitigate these.

Angela Irvine ACII, sales director at Bletchley said: “It’s set to be another significant year of change for businesses around the world, due to ongoing geopolitical situations, cost-of-living crises, the impact of climate change and potential disruption from emerging technologies like AI. Therefore, traders need to understand the risks, impacts and how to mitigate these.”

Last month, The Institute of Export & International Trade’s (IOE&IT) hosted a webinar on the topic of anticipating change and managing risk in trade in 2024. It covered the current global economic outlook, potential election impacts, growing importance of climate sustainability, managing cyber threats including AI and core risk engineering.

As an independent insurance broker, and the chosen partner of the IOE&IT, Bletchley was called on to seek expert involvement from their network for the session.

Bletchley has long standing relationships across the risk management sector, and invited Nnamdi Ahuchogu, MCIPS, Specialist Risk Engineer at Zurich Insurance, and Peter Dee DIP CII, National Retail Broker Manager at Zurich Resilience Solutions to join the expert panel.

Other speakers were Grace Thompson, UK Public Affairs Lead at IOE&IT, and Trevor Williams, Visiting Professor at the University of Derby and Co-Founder of FXGuard Limited.