A local risk advisory expert is warning Channel Island businesses to embrace ‘anti-fragile’ policies after the global ‘Doomsday Clock’ has again been set at 90 seconds to midnight for 2024. The Doomsday Clock is a symbolic representation of how close the world is to Armageddon, set annually by The Bulletin of Atomic Scientists. ‘90 seconds to midnight’ is the closest to global catastrophe it has ever been.1
Following this announcement at the start of the year and adapting to the many crises that followed COVID-19, BDO Guernsey’s audit and advisory function has altered its approach to ensure that Channel Island businesses are prepared for future crises. It is encouraging organisations to create proactive plans to account for current and future global conflicts and threats; a preparedness that Head of Risk Advisory Cynthia Munemo refers to as becoming ‘anti-fragile’.
Historically, The Doomsday Clock has been used to measure the planet’s proximity to nuclear war. However, the COVID-19 pandemic, climate change, and AI concerns have seen it move to ‘90 seconds to midnight’ and stay there for 2024.
“Though conflicts like the Russia-Ukraine war may be thousands of miles away, their impact is nevertheless felt here in the Channel Islands. The effect on energy prices, the global supply chain, and the economy show that our island paradise isn’t immune to the fallout of global turmoil”, said Cynthia.
“Nevertheless, the offshore business community can be prepared through proper planning and robust resilience frameworks that encourage them to become anti-fragile. My team at BDO Guernsey are keen to work closely with local businesses to ensure their supply chains, internal processes, and stakeholder relationships are watertight and ready to account for future global struggles.”
Find out more about how local businesses can become anti-fragile by contacting BDO Guernsey’s risk advisory team at: advisory@bdo.gg.
