In the world of risk management, we are often like the captain of the Titanic trying to spot menacing icebergs even as we move forward, full speed ahead.

COVID-19 was an iceberg. The visible portion appeared to be a minor risk. Hidden below the surface lay an ominous catastrophe in the making.

This is the world of geopolitical risk. The term refers to exposures that affect the normal and peaceful course of international relations.

We normally think of geopolitical risk in terms of wars, terrorist acts and tensions between states. COVID-19 broadened the perspective to include omnipresent and complex risks that travel easily across a diverse range of environmental, social and governance issues.