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1. The title says :” My Top Risks” when in fact Mr. Dennery refers to some “economic, social and demographic problems” facing the world.

2. Beside the picture, it says “Michel Dennery (…) warns risk managers that in 2012 they (so risk managers) will have to come to terms with many economic, social and demographic problems”. I doubt that any risk manager from any company, including large ones, is in a position “to come to terms with many economic, social and demographic problems”. This is the responsibility of national governments and multinational public entity like the UN, the ECB, etc.

3. The biggest challenge (not mentioned) I see for the medium and long-term strategy of large industrial companies is climate change. The two key pillars of climate change – continued rising greenhouse gas emissions and the failure of climate change adaptation – top this category with the highest impact. For each molecule of (natural gas) methane burned, we get one molecule of carbon dioxide, the greenhouse gas contributing to the change of the climate. No doubt that governments and regulators will, soon or later, force companies making their business extracting fossil-fuel resources (petrol, gas and coal) to pay for the damage done to the planet and the required “climate change adaptations”