The Impact of the COVID-19 Pandemic on the Global Risk Landscape in the Era of SMART WORLD

Purpose: The purpose of this paper is to identify the impact of the COVID-19 pandemic on the trend of changes in the landscape of global risks together with the implications of these changes for management in the SMART WORLD era. Design/methodology/approach: The research process was based on the triangulation of research methods. The main research method used was the analysis of the World Economic Forum’s “The Global Risks Reports” for the years 2018–2021. The other method used in the research were a comparative analysis and selected quantitative tools. Findings: The conducted empirical research allowed the authors: 1) to show the current global risks, taking into account the likelihood of their occurrence and impact, 2) to select the categories of global risks (from among economic, environmental, geopolitical, social and technological risks) that had the greatest significance in the periods under analysis, 3) to identify the five most important global risks in terms of their likelihood and impact in all these periods, 4) to identify changes in global risks resulting from the COVID-19 pandemic, 5) to establish implications for business management in the SMART WORLD era, resulting from the observed trends in pandemic-triggered changes in global risks. Research limitations/implications: The results of the conducted empirical research may be applied in business practice, including the management of enterprises; firstly, those struggling with the changes caused by the global COVID-19 pandemic, and secondly, those simultaneously adapting to the requirements of SMART WORLD. Originality/value: The most significant value of the performed empirical research is the demonstration of the impact of the COVID-19 pandemic on the global risk landscape and the formulation of implications ensuing from changes in global risks posed for management in the SMART WORLD era.