The Leader Magazine

DEC 2017

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Page 45 of 59

F E A T U R E A R T I C L E by Sam Pickering provide safe havens to work in but also account for staff in an ever-evolving agile workplace, with employees preferring a desk of no fixed location. Over the past few years, the CRE sector has started to transform as the technological revolution we are living through continues to gain momentum. Technology is being utilised to manage portfolios and change the way users work and interact in their working environment, wherever that might be. The ubiquity of mobile devices, applications, sensors, controls and communication platforms are beginning to transform the sector. Enhanced portfolio management, energy and operational efficiency, data and business intelligence are all the result of this ongoing revolution. This interconnectivity, whilst enormously beneficial, is creating a prevalent risk that is increasingly being exploited by criminal elements. The last 12 months have seen a significant rise in high-profile examples, where technology within the remit of real estate has been 46 DECEMBER 2017 th E l E a DER The risk of uncertainty I have always enjoyed my commute into work. It allows me time to catch up on news outside of the microcosm of living and reflect on the world as a whole. The past few years have always been given a description, be it 'annus horribilis', the winter of discontent or, as many have described the events of the past 12 months, 'uncertain'. Invariably, the idea of uncertainty immediately brings an overarching concern of increased risk. There can be no argument the time we live in provides an increasing web of risk and the associated social tensions have continued to evolve over the past decade. The political landscape has swiftly changed beyond all recognition from 12 months ago, which has been borne from an overarching feeling of inequality. This has triggered numerous examples of change throughout the world, which has exacerbated the general feeling of uncertainty within our lives. It is the word 'feeling' that is crucial in this last statement, as it alludes to the fact that the information we have available is too imprecise to consolidate into a set of probabilities. Conversely, probabilities provide the guidance to make informed decisions associated with risk mitigation. So, the question arises: 'Are we in a time where the general feeling of uncertainty leads to poor decision making?' If this is true, then we are living within a time when poor decisions are likely to become commonplace. The geo-political landscape has been through significant upheaval, in part due to the technological revolution allowing immediate and mass communication. This, in turn, has exacerbated the terrorist threat, which has evolved to encompass cyber and physical threats. Technological advances and globalisation have led to social issues within numerous industries, whilst the effects of climate change are now reaching every part of the world. The effect of these has developed into the initial steps toward the key driver that brings about widespread change – the effect on business performance and the ability for organisations to mitigate their exposure to risk through the insurance markets. It is important to reflect on the key risks that affect corporate real estate (CRE) and that they have evolved significantly in the past 12 months. The terror threat globally has increased significantly and, at this moment, some 48 countries are assessed as being 'highly likely' to have a terrorist incident. These include the USA, Spain, France, UK, Germany, UAE and Thailand, as well as Afghanistan and Yemen, both of which are less surprising. The number of countries joining this list increases every year, with very few leaving. The scale and types of attacks require corporate operations to be able to

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