 Well, good afternoon ladies and gentlemen. Thank you very much for joining us here today. It's our second issue briefing here at the World Economic Forum annual meeting 2015. Thank you also to our audience who are watching live online. Very excited to be here for this issue briefing Let me just explain the concept behind this. It's an innovation for this year's meeting. It's not a press conference It's not an announcement. It's purely an exercise in getting some of the finest brains and some on on some of the most interesting and insightful and pressing topics out of the luxurious Congress Center down into the bowels of the basement to answer questions on particular pressing and serious issues. This session and I'm delighted to be joined by Axel Lehmann, a member of the Group Executive Committee and the Group Chief Risk Officer of Zurich Insurance. Of course, Lehmann is here because last week Zurich and the World Economic Forum collaborated to launch the Global Risks 2015 report. You'll have seen the headlines. Interstate conflict was the number one risk in terms of livelihood and water crisis was rated the number one risk in terms of potential impact. I'm going to ask Axel to make some brief remarks on the key findings and key learnings of this report and we'll then open for questions. Okay, thank you Oliver. Please to be here. So, you know, when I look back a little bit, this is the 10th edition of the Global Risk Report and there are some some shifts we interviewed. We work to get this 900 experts out of the World Economic Network that we have and I think it's somewhat different than what we have seen in the last couple of years. The first difference is, you know, I think there's some other recognition that the world and the risk landscape is more fragile, more you know, fragmented. It's all full of surprises. Discontinuity, volatility, some key themes and that is underpinned, you know, so dramatic shifts and changes in terms of the societal demands, the economic environment and also geopolitical friction. I think that is the common, that is the common theme. When you basically look also how the perception of risk has shifted, when I look back to the years 2007 to 2014, basically economic risks were prevailing. So in particular, it was asset bubble, it's the question of financial stability, its income inequality, systemic risk that has really shifted. In this year's report, I think clearly, you know, societal geopolitical risks are really getting absolutely at the forefront and interestingly enough, when you did the analyze, you know, societal issues seem to be like the spider in the net. So that is somewhat the big unknown. It is influencing and it gets influenced by basically every risk type. We did then some deeper dives and this year we wanted to highlight three different eras. One is certainly, you know, the whole question of urbanization, which is a clear example of huge opportunities that are out, but you know, implemented or conducted in an unplanned way could have also significant risk. Then the second is the increasing influence of, you know, politics on the economics and economical behavior of individual companies. And then the third one is more about, you know, technology and emerging risk. I think it's a great set of key risk that you wanted to highlight. And again, I think it's like a discussion platform that we want to establish with the global risk report. Thank you very much. Axel, I just a question before we throw open to the audience. Economic risks, as you mentioned, over time have been evolving, have been seemingly overtaken by other risks. As you mentioned, how do you, how do you account for that? Is it a fact that the world is addressing successfully the economic risks? Or are they being drowned out by more pressing concerns? I, you know, I think they are still obviously on top of everybody's mind. We will have to, we saw last week, you know, just with national bank action, we will have tomorrow the press conference of Mario Adraghi. So, when I look also to the overall ranking, I think, you know, the analyze would say on the shorter term, the next 12, 18 months, you know, people still perceive economic risk as to be absolutely at the forefront. When you look a little bit to the long-time horizon, you know, 10 years out, there are clearly more to societal, economic, environmental risk. That doesn't mean the economic risks are smaller, but it means in terms of, you know, impact and what people really start to worry about, that starts to shift. One of the questions we received on the social media this morning when we first mentioned this, this session, was focusing on a risk which is, was not at the top of our report last, this last week, nevertheless, very topical of the news right now, cyber crime. It's, it goes by without being in the newspapers. What kind of, what's your prognosis for this risk? You know, cyber is obviously clearly also in this year's report. We enlarged it and looked more also to other, you know, technological risks. Cyber is a clear key seam. It's also a clear key seam here at the annual gathering in Davos. So what you see on one hand, it's somewhat encouraging progress, so to speak. You know, I think most companies are getting clearly aware of cyber risk and they do quote on what their homework, but I think more and more we all recognize that this is definitely not enough. Cyber risk is a clearly interconnected risk. The more companies, for example, outsourced or offshore or have suppliers have interconnected value change, that can be hugely disruptive from a cyber risk perspective. So what we see on one hand from a technical perspective, relatively good progress, but from an overarching governance, I think there's a clear, you know, huge gaps to be closed and basically they only can be addressed through kind of public-private partnerships and intense dialogue. And the other key area of risk that we uncovered via our audience was urbanization, obviously such a vast mega trend, more people moving to cities than ever before. And whilst this poses opportunities in terms of economics and demographically in general, as you mentioned in the report, it poses risks too. Can you give us more of a, you know, some insight into what kind of risks urbanization entails and possibly how they could be addressed? Sure, let me just give you a number, you know, 1990, 50, so some 56 years ago, one-third of the world population was living in cities. In 10 years from here, two-thirds of the world population will live in cities. 80% of the gross national products are produced in cities. That has obviously huge opportunities, but, you know, give me a couple, let me, you know, but there are also really some, you know, underlying risks associated. So for example, the whole, you know, question of the infrastructure, huge investments are needed, 70 trillion until the year 2030. Only in Africa more than 80 billion are needed per annum until 2020, only half is funded. So where is this money getting from? There are environmental risks, you know, we know that 15 out of the 20 mega cities are all built along coastal eras. They are all, you know, in the so-called fire of belts, so huge exposures to natural catastrophes, that's another one. The societal risk, you know, people coming from rural era into the cities, younger people looking for jobs, looking for cheaper housing, when this is not available, that could be a real melting pot from a societal perspective. So it's a whole range of, you know, key risks that when they are dressed in the proactive way, we and the society can deal with it. Otherwise, you know, slums, already two-day 40% of the people in cities live in slums will prevail. Thank you. Just to see if there are any questions from the floor. Nobody putting their hand up yet, so forgive me for asking another one from our archive, from our social media origins this morning. Now look, this is a multi-stakeholder endeavour, addressing risks, because as we all know, can you give us some insight into what areas you see most progress in? Where you think, you know, the public-private cooperation is actually having an impact? You know, maybe let me quote two or three one. I think actually on cyber, I think, you know, increasing awareness that there must be a kind of a dialogue and interaction. It already has happened on the more technological basis. I'm somewhat confident also it's still a steep hill to climb that this will also happen more on the political, on the overall political side. I see very good cooperation taking place, for example, in terms of flood and flood resilience. For example, have a joint venture with the IFRC, the International Federation of the Red Cross and Red Crescendence, where you know private companies work together with public offices in emerging markets to help communities to deal with flood risk, so these are good examples. Excellent. And finally, this is the premier convening platform for leaders from across all stakeholder groups. What are you doing at the end of the meeting this year? And how are you participating that you hope will drive the risk and the risk mitigation agenda forwards? Look, on one hand, I'm very, very pleased to see that the Global Risk Report is also really actively shaping the agenda of the divorce gathering. There are a lot of discussions also in private session around key risks that have been also that are discussed in the overall global risk report. You know, when it comes to global risk, there are no easy solutions. So to have platforms of dialogue and interaction, and in particular bringing various stakeholders together, I think it's an excellent opportunity here. And I'm very confident that in relevant areas that will be carried forward also in 2016. Excellent. And thank you very much indeed. And thank you all for joining us here. And looking forward to being joined by our audience live online for our next issue briefing later today. Thank you very much indeed. Thank you Oliver.