Emerging Risk – Pre-empt And Discover Opportunities

Emerging Risk – Pre-empt And Discover Opportunities

emerging risk

Emerging risk is really risk which is unknown and will materialise in the future. If that is the case is it really possible to identify such risks as we are not fortunate enough to have a crystal ball?

These are potential new risks that may develop due to various factors. Emerging risks can incur due to changes in the external environment, new risks due to changes in strategy or these can be existing risks that have developed or circumstances changed.

Recent Events

The faster an emerging risk is identified and managed, the better. An example is that of Uber taxis, a risk to well established taxi and cab companies which many did not see coming. Anther similar risk is that of Airbnb where many hotel chains still have not realised that this is a serious competitor that can lead to devastating results on the bottom line.

Enterprise Risk Management Approach To Emerging Risk

By holding regular workshops with senior leaders and key stakeholders with a focus on emerging risks, areas of particular importance can be identified. Rate and rank the risks to ascertain their significance. A plan can then be drawn up for monitoring or setting up a defence strategy. If you have a risk management framework in place, ensure that emerging risk has not been omitted.

We have developed an interesting range of risk management training and health checks to help you embed risk management and make it part of the day-to-day running of your organisation.

For a
training program to suit your needs and to add value to your teams’ knowledge, contact us now.

For more information and if you would like to talk to a Risk Management Advisor please give us a call or message us.

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