Business Diplomacy Today

In this episode of Business Diplomacy Today, guest Martin Drux from Marsh McLennan delves into lessons learned from the COVID-19 pandemic and the importance of businesses preparing for future events like the permafrost virus. Host Matthias Catón discusses technology’s role in risk assessment, citing Google’s use of search data to track flu outbreaks. Drux highlights how AI and technology can enhance risk prediction and data quality, especially in the insurance sector.

The episode addresses geopolitical risks such as power shifts, tensions in the Middle East, and China’s assertiveness, with Drux advocating for peaceful solutions and innovation. Companies should take Drux’s advice and manage talent shortages, especially in Europe, while also incorporating ESG factors into their strategies.

The Global Risk Report, a collaboration between the World Economic Forum, Marsh McLennan, and Zurich, serves as a valuable resource that highlights risks like misinformation, climate change, and social unrest. Drux points out the evolution of risk management, noting a shift to new risks like cyber threats and environmental challenges.

The conversation covers whether non-insurance companies are effective at assessing risks and the importance of diversifying production and markets. Drux emphasises the importance of learning from past mistakes with countries like Russia and China while balancing ethical and political views. He predicts a tumultuous decade filled with both innovations and challenges, stressing human rights and the responsible use of AI.

The discussion ends on a hopeful note, with Drux underlining humanity’s broader aim of survival. This episode is essential for understanding the ever-evolving landscape of global risks and the need for businesses to adapt proactively. The topic is vital today as companies navigate an increasingly complex and dynamic world.

About the guest

Martin Drux is the Multinational Client Service Leader for Europe at MarshMcLennan based in Düsseldorf, Germany. Martin has worked in the insurance industry for 30 years, always in client-facing roles for large multinational clients. Besides various client executive and managerial roles in Germany, Martin has worked a couple of years in the USA (Philadelphia), Asia and the UK (London).

Martin joined Marsh in 2007 as a senior client executive for German Fortune 1000 companies and has led the Marsh Multinational Practice in Europe since 2013.

Executive Briefing – what you should read now

Global Risks Report 2024 Kiss, Bow, Or Shake Hands by Terri Morrison and Wayne A. Conaway

Our Sponsor

This episode is sponsored and presented by the Indo-German Centre for Business Excellence.

In this episode, host Matthias Catón join Christina Rabe, the Market Unit Lead for Accenture in Austria, Switzerland, and Germany. They delve into the Pulse of Change Index developed by Accenture.

Raab discusses the interconnectedness of technology, talent shortages, and demographic shifts, emphasizing the movement of talent from countries like India and the critical role of global talent pools. The discussion explores how artificial intelligence (AI) is poised to reshape various industries, starting with banking, capital markets, insurance, and software.

Raab underscores the importance of companies being proactive rather than reactive in adapting to these changes, through investments in technology and talent. The conversation also touches on the essential human aspect, advocating for diversity and maintaining human values at the core of future technological transformations.

About the guest

Christina Raab is the Market Unit Lead for Accenture in Austria, Switzerland and Germany (ASG) and part of Accenture’s Global Management Committee. In this role, Christina supports clients from various industries with complex business transformations. She has a strong focus on creating new value for businesses, employees, and customers through the combination of technology and human-led innovation.

She is Vice President of the German IT industry association Bitkom, of the American Chamber of Commerce in Germany and is a member of the Board of Trustees of Econsense, the Forum for Sustainable Development of German Business. Christina is also a member of the Senate of the German Academy of Science and Engineering acatech, as well as a Board member of Generation CEO.

Christina has a Master’s degree in Business Administration and Business Italian from the University of Passau. She is based in Munich.

Executive Briefing – what you should read now

Handelsblatt Morning Briefing Crashkurs – Wirtschaft trifft Geschichte

Our Sponsor

This episode is sponsored and presented by the Indo-German Centre for Business Excellence.

In Episode 29 Matthias Catón is joined by Sugata Bose, Gardiner Professor of Oceanic History and Affairs at Harvard University. Following Sugata’s recent publication “Asia After Europe: Imagining a Continent in the Long Twentieth Century”, Matthias and him discuss the how Asia’s history has been defined by Europe and what the current century brings.

Matthias and Sugata’s discussion delve into history, identity and European focus in Asia; looking at ideas of Asian countries psot-independence, prospects of a multipolar region and Asia’s need to detach themselves from a Eurocentric vision of universalism.

With Sugata’s expertise in international history, the episode also looks at economic and business implications for the path of Asia, both as a continent and individual countries. Sugata provides his opinions on aggression and conflict in the region, utilising relations between India and China as a prime example.

This episode is valuable for those interested in an analytical view to Asian history – how did colonialism shape Asia? Why did post-colonial states in Asia adopt European values? What do current geopolitical events in the region mean for its future?

About the guest

Sugata Bose is the Gardiner Professor of Oceanic History and Affairs, Harvard University. He has served as Director of Graduate Studies in History at Harvard and as the Founding Director of Harvard’s South Asia Institute.

Dr Bose obtained his PhD at the University of Cambridge. He is the author of several books, and his most recent publication, “Asia After Europe” was released in February 2024.

Sugata served as a Member of Parliament in India elected to the 16th Lok Sabha (2014-2019) representing the Jadavpur constituency in Bengal and throughout that period as a member of the Parliamentary Standing Committee on External Affairs.

Executive Briefing – what you should read now

Bose, Sugata (2024) Asia After Europe: Imagining a Continent in the Long Twentieth Century
Gungwu, Wang (2021) Renewal: The Chinese State and the New Global History
Majapra, Kris (2014) Age of Entanglement: German and Indian Intellectuals Across Empire

In Episode 28 of Business Diplomacy Today, host Matthias Catón is joined by Mary Ellen Iskenderian, President and CEO of Women’s World Banking. Matthias and Mary Ellen examine the persistent gender gap in financial inclusion and its linkages to digital inclusion.

Matthias and Mary Ellen begin their conversation by analysing why finance is not optimised for women, looking at the lack of access to financial services for women and the intricate connection of financial equality and digital inclusion. Using India as a case study, Matthias and Mary Ellen illustrate the importance of implementing digital public infrastructure that is inclusive and motivates individuals to stay in the system.

Looking at the topic from a business perspective, Matthias questions why banks and companies are not working harder to push for financial inclusion. Mary Ellen shares that there is a lack of utilising data to see what products and services are offered, demanded and can drive their businesses.

Matthias and Mary Ellen further discuss why innovation in this sector seems to come from emerging economies and the polarising debate on the efficacy of cryptocurrencies in achieving financial inclusion.

About the guest

Mary Ellen Iskenderian is President and CEO of Women’s World Banking, the global nonprofit devoted to giving more low-income women access to the financial tools and resources they need to achieve security and prosperity.

Mary Ellen has led the Women’s World Banking global team, based in New York, since 2006 and also serves on the Investment Committees of its two impact investment funds.

Executive Briefing – what you should read now

Iskenderian, Mary Ellen (2023) – There’s Nothing Micro about a Billion Women: Making Finance Work for Women
Women’s World Banking (2023) – Reaching Financial Equality for Women

In Episode 27 of Business Diplomacy Today, host Matthias Catón is joined by Till Klein, Head of Trustworthy AI at appliedAI. Matthias and Till explore the forthcoming EU AI Act, including an investigation of its core principles and implications for businesses.

Their conversation begins by looking at key points of the EU AI Act, including the EU’s risk-based approach, where it tries to classify certain AI practices into four categories. Matthias and Till discuss if such an act will hinder bringing innovation to the European Union due to its requirements around data governance, risk management, and accuracy.

As emerging technologies are constantly evolving, Matthias and Till further analyse how quickly the AI Act may become redundant and how to navigate this complexity, both from a governance and business perspective.

Although AI regulation is not new, both in the EU and other regions, Matthias and Till provide an insightful episode for those interested in understanding how (and why) regulation is conceived and its evolving implications on businesses and societies.

This episode was recorded on 29 January; it’s important to note, that since then, the Act has been modified and further developed.

About the guest

Dr Till Klein is the Head of Trustworthy AI at appliedAI, a leading AI initiative in Europe, where he is working toward accelerating Trustworthy AI at scale.

Together with this colleagues and the entire AI Ecosystem, Till is driving the co-creation of methods and tools for operationalising regulations, standards, and principles of Trustworthy AI, from Europe and beyond.

Till gained several years of industry experience in Regulatory Affairs for Medical Devices, as Lead Auditor for ISO 9001, and as Head for Quality Management in a drone company, which equips him with practical and skills perspectives that are invaluable for applying Trustworthy AI.

Till holds a Ph.D. in Business from the Centre for Transformative Innovation at the Swinburne University of Technology in Melbourne, Australia. Besides AI, his research interests include economic geography, economic complexity, social networks, innovation management, and regional clusters.

Executive Briefing – what you should read now

Visit appliedAI’s website to understand more about the regulation.
The EU AI Act

In Episode 26, host Matthias Catón is joined by Lewis Sage-Passant, Global Head of Intelligence at Novo Nordisk and founder of EncyclopediaGeopolitica. Matthias and Lewis delve into the intricacies of how multinational corporations navigate geopolitics and international relations.

Matthias and Lewis investigate how the changing responsibility of security intelligence teams and how, in a corporate environment, this is transforming into a strategic direction – how does geopolitics work? What implications does this have on a business?

Empirically, Lewis explains how geopolitic events affect different sectors of a business, such as supply-chains, access and affordability to raw materials; and as globalisation evolves, more types of industries have had to internationalise, and therefore, pay more attention to geopolitical events. Interestingly, Lewis and Matthias also look into the idea of “opportunity intelligence” and how geopolitics should not only be viewed from a “risk” perspective, but also a business development angle.

This episode is a must listen for business leaders and policy makers to understand how to incorporate geopolitical intelligence in their corporate strategy and utilise this as both a risk, and opportunity.

About the guest

Dr Lewis Sage-Passant is the Global Head of Intelligence at Novo Nordisk, and is a researcher in the field of intelligence and espionage focusing on the private sector. Lewis holds a PhD from Loughborough University in intelligence studies, and is an adjunct professor in intelligence at Sciences Po Paris and EMLyon Business school.

He has extensive experience working and living in the Middle East and Asia Pacific regions in a variety of geopolitical analysis and intelligence roles, working for some of the largest corporations in the energy industry, the financial sector, and technology sector. He is also the founder and editor of EncyclopediaGeopolitica.com, a website discussing geopolitical issues, where he hosts their podcast on dangerous topics in the security, intelligence, and geopolitics field, “How to get on a Watchlist”.

Lewis has appeared in numerous media outlets, including the BBC, France24, CNBC, Harvard Business Review, The New Arab, El Mundo, GQ, and others, discussing intelligence, geopolitics, and security matters.

Executive Briefing – what you should read now

Political Risk: How Businesses and Organizations Can Anticipate Global Insecurity – Condoleezza Rice and Amy B. Zegart (2019)
Bloc by Bloc: How to Build a Global Enterprise for the New Regional Order – Steven Weber (2019)

In Episode 25 host Matthias Catón is joined by Simone Menne, President of the American Chamber of Commerce in Germany. In their discussion, Matthias and Simone address the intricacies of transatlantic relations between the US and Germany and how this relationship is shaped by geopolitics.

Following themes of economics, politics and international relations, Matthias and Simone discuss the current stand of the transatlantic relationship and the significance of US-German partnerships; notably in the context of the automotive and pharmaceutical industries. As the US prepares for the 2024 election, the episode investigates the potential outcome and the rise of right-wing parties within Europe. Simone and Matthias further discuss the necessity to maintain political stability and the repercussions that may occur following electoral results.

Further comparisons are made with the US’s dynamic business sector and the ageing population in Germany and, on a wider scale, Europe. Drawing on her experience of leading digital transformation, Simone explains the optimism behind leveraging new technologies and furthering sustainability efforts.

This episode is a must-listen for business leaders and policymakers to gain insights to the US-German relationship and understand predicted outcomes in the short- and long-term.

About the guest

Simone Menne is an experienced manager with diverse experience, notably in finance and digitalisation. She was CFO at Lufthansa and Boehringer Ingelheim. Currently, she is a member of the Supervisory Board of Henkel and Deutsche Post AG and a Non-Executive Director of Russell Reynolds Associates and Johnson Controls International PLC.

Simone is also President of the American Chamber of Commerce Germany e.V., where she is dedicated to maintaining transatlantic relations and strengthening economic ties between Europe and the USA.

Executive Briefing – what you should read now

Daniel Kehlmann (2023) Lichtspiel
David J. Chalmers (2022) Reality+: Virtual Worlds and the Problems of Philosophy

In Episode24 of Business Diplomacy Today, host Matthias Catón is joined by Karel Lannoo, CEO of the Centre for European Policy Studies (CEPS). In their discussion, Matthias and Karel dive into the complexities of implementing a digital currency and its impact on the financial landscape; in this episode, specifically on the case of the Eurozone and the Digital Euro.

Covering an array of compelling topics, Matthias and Karel discuss the motivations of central banks to embrace digital currencies and the evolving landscape of digital payments. Karel shares thought-provoking arguments on the privacy concerns of implementing a digital Euro; as well as potential disruptions in the financial sector and the ramifications the digital Euro could have on monetary policy.

One motivation of implementing a digital Euro is led by the desire to make the Euro a more significant global currency, Matthias and Karel, thus, look at the geopolitical landscape and financial significance of the Dollar and monetary policies in China and India.

At the intersection of finance, technology and geopolitics, this episode is a must-listen for policymakers and business leaders to further understand and analyse the viability of implementing a digital Euro on national, regional and international levels.

About the guest

Karel Lannoo has been CEO of the Centre for European Policy Studies (CEPS) since 2000. He specialises in financial regulation, European economic governance and single market issues. His recent publications cover the EU healthcare sector policy, anti-money laundering, Russian financial sanctions, crypto-currency regulation and Europe’s geopolitical role.

He has published several books on capital markets, MiFID, and the financial crisis, the most recent of which is “The Great Financial Plumbing, From Northern Rock to Banking Union” (2015). In October 2023 he co-authored the publication “A Digital Euro Beyond Impulse: Think Twice, Act, One”, a study highlighting the importance of value proposition and benefits to consumers and merchants in the EU with the adoption of the digital Euro.

Karel holds a Baccalaureate in Philosophy (1984) and an MA in history (1985) from the University of Leuven, Belgium and obtained a Postgraduate Degree in European Studies (CEE) from the University of Nancy, France (1986).

Executive Briefing – what you should read now

Thomadakis, A., Lannoo, K., Shamsfakhr, F. (2023) A Digital Euro Beyond Impulse: Think Twice, Act Once. Centre for European Policy Studies
European Parliament (2023) Digital Euro’s Legal Framework
Eichengreen, B. (2023) ‘CBDCs still have not found their raison d’être’ Financial Times
House of Lords (2023) Central bank digital currencies: Lords Economic Affairs CommitteeReport
The White House (Sept 2022) Policy Objectives for a U.S. Central Bank Digital Currency System
Swiss Central Bank (Mar 2021) How to Issue a Central Bank Digital Currency

In Episode 23 of Business Diplomacy Today, host Matthias Catón is joined by Tom Standage, Deputy Editor of The Economist and editor of its future-gazing annual, The World Ahead. Timely, with the start of the new year, Matthias and Tom delve into global trends and predictions for 2024; as well as their implications for businesses and global affairs.

To understand the metholodogy, Matthias and Tom begin by discussing how forecasting is developed and the necessity to analyse previous events and liaise with cross-departmental colleagues to look forward. Their conversation analyses both predictable events and forecasted events, ranging from GDP growth in a country to instability in domestic and international contexts.

Interestingly, Matthias and Tom briefly look at how cognitive bias plays a role in the prediciability of events and how our common assumptions can lead us to be unprepared for events; contextualised in the episode, is the Russia-Ukraine war. The discussion further investigates crucial geopolitic affairs such as China-Taiwan, US Elections and the role of artifical intelligence. Tom further highlights the importance of 2024 as “election year” with over half of our global population living in a country that will have an election this year.

With a wealth of knowledge and relevant contextualisation, this episode is a must listen for policymakers, business leaders and those interested in understanding how to navigate 2024 and the intricate network of global affairs.

About the guest

Tom Standage is Deputy Editor of The Economist and editor of its future-gazing annual, The World Ahead. He joined The Economist as science correspondent in 1998 and was subsequently appointed technology editor, business editor and digital editor.

He is the author of seven history books, including “Writing on the Wall” (2013), “The Victorian Internet” (1998) and the New York Times bestsellers “A History of the World in 6 Glasses” (2005) and “An Edible History of Humanity” (2009). His latest book, “A Brief History of Motion”, was published in 2021.

Tom studied engineering and computer science at Oxford University and has written for other publications including the New York Times, the Guardian and Wired, taking a particular interest in technology’s social and historical impact.

Executive Briefing – what you should read now

The Economist “The World Ahead 2024”
Tetlock, P.E. and Gardner, D. (2016) Superforecasting: The Art and Science of Prediction