Page 23 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

thinking approach and embracing a broader perspec-
tive beyond immediate concerns, organizations can
effectively address emerging risks and safeguard their
long-term sustainability and success.

Techniques for identifying Emerging Risks: -
Identifying emerging risks can present challenges, but
various techniques can assist in the process, such as
PESTLE, SWOT, and horizon scanning. Charities can
adopt one or multiple techniques while also consider- 2) Stakeholder Briefing: Provide a comprehensive
ing external sources for additional information and overview of the project's context, strategic objec-
insights. tives, and project objectives to ensure that stake-
holders are adequately prepared for the upcom-
Three techniques: PESTLE, SWOT, and Horizon Scan- ing Review Meeting.
ning are popular for identifying emerging risks. De- 3) Review Meeting: Facilitate the sharing, gathering,
pending on the specific context, organizations may and examination of insights across each category,
choose to use one or more of these techniques, either encompassing both internal and external risks.
individually or concurrently. It is advisable to engage
4) Meeting Output: Systematically document the
a diverse group of stakeholders and subject matter
acquired insights, organizing them into themes, is-
experts to ensure a comprehensive range of insights
sues, and risks. For instance, a table with PESTLE
and inputs.
factors can serve as headings for categorization.
This compiled information constitutes the current
PESTLE Analysis inventory of potential emerging risks to be moni-
Analysis serves to discern and ascertain the external tored.
elements within the subsequent classifications: 5) Reflection and Review: Allow for a suitable period
of contemplation, followed by a subsequent gath-
ering of the stakeholders to collectively review and
confirm the identified emerging risks.

SWOT Analysis
SWOT analysis is a valuable technique for organizations
to gain insights into their internal strengths and weak-
nesses, as well as external opportunities and threats.
It aids in comprehending the current state of the or-
ganization and identifying areas where it excels, areas
This technique facilitates an organization's ability to that require improvement, potential avenues for
contemplate potential emerging risks across various growth, and potential risks and challenges to be mind-
categories, stimulating a broader and more compre- ful of.
hensive perspective within specific topic areas. It
serves as a valuable tool for expanding critical think-
ing and considering a wider range of possibilities. The
following techniques can be employed to harness its
benefits:
1) Stakeholder Identification: Bring together perti-
nent individuals who possess valuable perspec-
tives from political, economic, social, technologi-
cal, legal, and/or environmental standpoints.

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