This reflective report explores linguistic diversity in professional settings, focusing on the needs, policies, and practices discussed during two panel discussions at the conference on the same topic at WU Vienna University of Economics and Business in May 2024. It highlights the significance of multilingualism in the European Union and Austria, emphasizing the increasing importance of language skills in a globalized economy. It also discusses the gap between language policies and actual practices in organizations, particularly in multilingual workplaces, and the risks associated with informally established strategies to overcome language barriers. The need for updated research on language needs in professional settings is further underscored. The report concludes by stressing the nexus between well-founded linguistic diversity management and a sound risk management approach.