No one can be complacent about geopolitical risks these days. The shocks and surprises of the past few years show how easily assumptions about liberal markets, international relations, conflict, and democracy can be shaken. Geopolitical volatility has become a key driver of uncertainty, and will remain one over the next few years. Geopolitical risks are interrelated, so they need to be looked at holistically in the context of other risks. Understanding the connections between different kinds of risks is a vital step in risk mitigation. It is important for companies, as well as governments, to understand the triggers, trends, and scenarios for which to look out, and to prepare for the possible consequences of any of those risks.