Page 13 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

that risk management strategies remain effective and Conclusion
up-to-date in response to evolving risks.
Risk managers are susceptible to the flaws of anchor-
ing and hindsight bias, but they play a crucial role in
In conclusion, mitigating emerging risks requires a pro-
attempting to comprehend risk interactions and the
active and flexible risk management strategy. By iden-
unintended consequences of emerging risks. Which
tifying and evaluating emerging risks, developing a risk risks will come to dominate the decision-making pro-
management plan, investing in appropriate risk man-
cess? The world's geopolitical risk is increasing, with
agement measures, implementing sustainable prac-
an uncertain outcome.
tises, providing regular training, collaborating with in-
dustry peers and government agencies, and conduct- Will overpopulation result in food shortages or the
ing regular reviews and assessments, individuals and spread of disease or global warming? Through vigi-
organisations can better prepare for and mitigate the lance and the utilisation of leading indicators,
impact of emerging risks. organisations can better face these challenges.

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