RISKS & CRISES IN THE NEWS - December 21
Andre Vermette 
Risks & Crises in the News
Date: December 21, 2025
Published by: International Association of Risk and Crisis Communications (IARCC)
The International Association of Risk and Crisis Communications monitors and reports on developments shaping business continuity, resilience, and trust. Each week, we examine risks across strategic, operational, financial, compliance and reputational domains.
This week’s risk signals point to rising uncertainty rather than immediate crisis. Geopolitical rhetoric hardened without collapsing diplomacy, digital infrastructure disruptions reinforced operational concentration risk, financial markets showed selective reassessment rather than broad retreat, and health and reputational risks surfaced unevenly. The dominant theme for leaders is compression of reaction time as risks intersect faster across domains.
Strategic Risk
What happened
During his annual year-end news conference in mid-December, Vladimir Putin said Russia had seized the “strategic initiative” in Ukraine and reiterated Moscow’s conditions for negotiations.
Why it matters
Diplomatic channels remained active, but the rhetoric underscored limited near-term flexibility. This does not confirm escalation; it extends uncertainty around duration and resolution.
Who is exposed
Governments, defence suppliers, insurers, logistics operators, energy traders, and multinationals with sustained European exposure.
Operational Risk
What happened
A Microsoft 365 service disruption affected Teams, Outlook, OneDrive, and Copilot access, particularly in parts of Asia during business hours. Microsoft attributed the incident to infrastructure issues rather than a cyberattack.
Why it matters
For organizations dependent on a single productivity ecosystem, even short outages can interrupt workflows, decision-making, and customer response.
Who is exposed
Enterprises reliant on cloud platforms, including users of services from Amazon Web Services, Google Cloud, and Salesforce.
Financial Risk
What happened
U.S. inflation indicators released during the period showed mixed signals, with some renewed upward pressure. Interpretation was complicated by partial data disruption linked to the U.S. government shutdown.
Separately, investors continued scrutinizing the scale and returns of AI-related capital spending.
Why it matters
Reduced price clarity complicates wage, pricing, and margin planning. Market attention is shifting from AI growth narratives to execution and profitability timelines, affecting companies such as Nvidia, Microsoft, Amazon, and Alphabet.
Who is exposed
Consumer-facing businesses, leveraged firms, and companies with large, front-loaded AI or infrastructure investments.
Compliance Risk
What happened
EU institutions continued refining implementation of the Corporate Sustainability Reporting Directive, narrowing scope for some smaller firms while maintaining extensive requirements for large companies.
Why it matters
Compliance risk increasingly stems from uneven national implementation, timing gaps, and evolving guidance rather than new rule creation.
Who is exposed
Large multinationals, particularly in energy and industrial sectors, including Shell, BP, and TotalEnergies.
Health Risk
What happened
Whooping cough cases continued to exceed pre-pandemic levels in several countries, linked to declining vaccination rates.
Why it matters
Impacts vary by region, but localized outbreaks can strain healthcare capacity and increase absenteeism. Providers already operating near capacity, such as HCA Healthcare and Kaiser Permanente, have limited surge flexibility.
Who is exposed
Healthcare systems, schools, large employers, and public-facing institutions.
Reputational Risk
What happened
Reputational volatility continued to be shaped by leadership commentary and public conduct, particularly when statements preceded verified facts.
Why it matters
Reputation increasingly affects regulation, investor confidence, employee trust, and customer behavior simultaneously.
Who is exposed
High-visibility brands and leaders, including companies such as Tesla, where public perception remains closely tied to executive behavior.
Bottom line
This was not a crisis week. It reinforced a pattern: signals are noisier, buffers thinner, and risk transmission faster. Boards and executives should focus on decision discipline, concentration exposure, and communication under uncertainty heading into the new year.
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Categories: : RISKS/CRISES IN THE NEWS WEEKLY
