Davos Annual Meeting 2010 - Global Industry Outlook: Finance, Services and Media

TL;DR

The panel discusses their industries' efforts to address issues, improve communication, and manage risks in order to improve the state of the world.

Transcript

Kevin Steinberg, Chief Operating Officer, Head of Centre for Global Industries, World Economic Forum, USA: Good afternoon and welcome. I'm Kevin Steinberg, Chief Operating Officer of the World Economic Forum, USA. I oversee a number of our industry efforts within the World Economic Forum, so it's a real pleasure for me to be here with all of you... Read More

Key Insights

• 🥳 Improved communication between industries and different parts of society is essential to collectively address global issues.
• 👂 Risk management practices should be reinforced to avoid past mistakes and make sound judgments.
• 📏 Reactivating the securitization market requires consistent rules, transparency, proper pricing, and investors' confidence.

Questions & Answers

Q: How can industries improve communication to address global issues?

Industries should communicate through multiple channels and with different audiences, ensuring that key messages are delivered consistently and clearly. It is important to engage with politicians, regulators, and other stakeholders to ensure their understanding and support.

Q: How can risk management practices be reinforced within organizations?

While risk management systems are essential, the focus should be on using them effectively and making sound judgments. Good judgment and decision-making are crucial, and risk management systems should be adhered to and continually improved.

Q: How can the securitization market be reactivated in the real estate industry?

The securitization market needs consistent and global rules, additional transparency and information, and proper pricing. Investors' appetite for risk, as well as the quality of underlying assets, will determine the success of reactivating the securitization market.

Q: How can companies listen to and respond to the flood of information and feedback from their constituencies?

Companies must embrace the new ways of communication and be proactive in listening and responding to feedback from their constituencies. Media companies can play a role in providing credible information, but companies need to be aware of the instant feedback and communication that comes from individuals in today's world.

Summary & Key Takeaways

• The panel discusses the importance of communication between industries and different parts of society to collectively address global issues.

• They highlight the need for improved risk management to avoid past mistakes and ensure a stable and resilient financial sector.

• The panel also emphasizes the significance of sustainable practices and environmental responsibility in the real estate and media sectors.