Future Proof – Readiness to address emerging challenges The aim of Economic Risk Management System is to evaluate the risk exposure to the Region, using an evidence-based analysis. There is a need to prepare and be ready to address emerging issues and to react to potential shocks when planning and designing strategies. An assessment of whether or not assumptions or current conditions will maintain or change over the strategy timeframe is extremely important. In this regard, the National Risk Assessment continuously scans for potential risks. There are a variety of current issues, such as Brexit, international tax developments, US trade and investment policies, technological advances, climate change and others will emerge. Based on this foresight exercise, developing a prevention or contingency plan provides preparedness and readiness.
Anticipating economic structural changes
It is important to recognise that, given changes in the industrial and economic landscape, some sectors are under pressure, with the risk of jobs loses. Therefore, mechanisms are needed to support people engaged in declining industries by means of up-skilling, lifelong learning and communication strategies to redirect their talents and skills to alternative sectors.
Anticipating Economic Structural Changes
It is an objective to support diversification, economic resilience and to devise and introduce contingency plans and pilot projects based on the strengths of the Region to counteract the effects from industrial decline and potential external shocks to the Region. This may include lifelong learning programmes; appropriate business supports and upskilling to facilitate moving to alternative sectors in the locality or Region.
Brexit It is an objective to put in place measures to reduce the negative impact from the departure of the UK from the EU.
International branding of the Region and reputation It is an objective to promote the Region through a comprehensive communication and promotion strategy, including the development of a regional brand with international focus building on heritage, culture and attractive qualities.
Economic Risk Management System It isanobjective toprepareandoperateaneconomic risk management system, with preventive action plans, considering social and environment factors.
Southern Regional Assembly | RSES
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