Understanding Everyday Risks: Landslides and Geopolitical Tensions
Recent events in Seoul have raised significant concerns about everyday risks, particularly landslides caused by aging infrastructure. On the 29th of last month, a landslide in Yeonhui-dong resulted in an SUV falling into a 6-meter deep hole, highlighting the dangers of land subsidence in urban areas. Citizens are increasingly anxious as reports indicate that over the past five years, there have been 957 land subsidence incidents nationwide, with more than half attributed to damaged water and sewage pipes.
The aging infrastructure poses a serious threat, as 39.4% of the nation’s 400,000 kilometers of water and sewage pipes were installed before 2003. This deterioration leads to soil erosion and the potential for landslides. Experts recommend the use of Ground Penetrating Radar (GPR) to regularly inspect roads, especially those with a high risk of ground subsidence. However, the current capacity of GPR in Seoul is limited, with only seven units available to survey approximately 11,000 kilometers of roads annually. Increased inspections, particularly after heavy rains or during thawing periods, are crucial to prevent accidents.
In addition to GPR, installing sensors to monitor groundwater levels and ground movement near construction sites is essential. Quick response measures are vital, as demonstrated by the Yeonhui-dong incident, where a citizen reported unusual signs before the landslide occurred. Heightened awareness and proactive measures are needed to address these everyday risks effectively.
Geopolitical Risks: A Challenge for Global Companies
While everyday risks like landslides pose immediate dangers, international companies are grappling with geopolitical tensions that threaten their operations. In an interview with Swedish researcher Elisabeth Brou, author of “Goodbye Globalization: The Return of the Divided World,” she emphasizes that global companies are increasingly viewed as extensions of their home countries, affecting their neutrality and operations in foreign markets.
Brou notes that geopolitical risks have led to a rise in political risk insurance as companies seek to navigate the complexities of operating in countries like China, where tensions can quickly escalate. The actions of a company’s home government can directly impact its business abroad, as seen during the Covid-19 pandemic when Australia faced retaliatory measures from China due to political statements.
To mitigate these risks, companies are advised to diversify their supply chains and conduct risk scenario training. The private and public sectors must also collaborate to prepare for potential disruptions, ensuring that businesses are equipped to handle crises effectively. By understanding both everyday risks and geopolitical challenges, individuals and companies can better navigate the complexities of today’s environment.
