Page 22 - RMAI Bulletin July 2024

RMAI BULLETIN JULY 2024

EMERGING

RISK

PROJECT

Yash Gupta

Introduction because in today's era where internet is cheap and
Emerging risk is the new or unknown risk, which is dif- long hours social media surfing by people generate
ficult to predict and can disrupt whole business of the huge data which is save in big data. While information
organization if not provided solution within a time is more valuable for the company and important tool
frame. Egs, Cybersecurity risk, Pandemics, IT System to provide better product and service.
failure etc. Emerging risk have feature which are dif-
ferent from normal business, like emerging risk are Geopolotical Risk
constantly kept on changing, hard to predict, difficult The risk which is associated with the wars, terrorist
to quantify the amount loss, etc. When businesses are and all other important events which affect the func-
given advance notice of risk occurrences and scenarios, tioning of normal course of international relations. For
they are better equipped to prepare, anticipate, and eg Russia Ukraine war in the current scenario affect-
respond to adverse impact and shock events. For any ing whole world not only the two country. There are
organization to get successful, planning ahead is very various factors which affect the geopolitical risks mili-
much important. Emerging hazards can appear sud- tary power, political relation with the other countries,
denly and change in a surprising way, or they can do etc. The political consequence of the geopolitical risk
both. It's possible that the new risk never materializes. can be good or bad. On one hand risk can potentially
Consequently, emerging risks may have an influence lead to political and economic instability, which can
on charity directly or indirectly. Emerging risks may create huge problem for the country. On other hand,
have a significant economic loss potential at a macro it can bring innovation and sustainability in the coun-
level for society. try. It is very difficult to predict the geopolitical risk
because it totally depend on how it is respond by the
IT Risk country people. There are no. of ways in which we can
IT risk is one of the emerging risks in the economy plan in the present to deal with the risk.

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