Page 24 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

Strengths The organization's trustee board has recently appointed a dedicated trustee champion
to oversee risk and compliance issues. This appointment demonstrates a commitment
to addressing these crucial areas and enhancing risk management practices.
Weaknesses The organization currently faces challenges in complying with existing regulations and
lacks robust governance and assurance systems. This weakness highlights the need for
improvement in regulatory compliance and the implementation of effective governance
measures.
Opportunities The upcoming regulatory change presents an opportunity for the organization to enhance
its compliance efforts. By establishing a comprehensive assurance system, the organiza-
tion can not only ensure compliance with relevant regulations but also extend its effec-
tiveness to encompass other rules applicable to its activities.
Threats The organization faces potential threats in the form of stricter future regulations. These
regulations may come with increased fines for non-compliance and the possibility of
negative media coverage. It is essential for the organization to proactively address these
threats to avoid reputational damage and financial penalties.

Horizon Scanning building of consensus among diverse stakeholders
by bringing together different perspectives and ex-
Horizon scanning is a valuable technique employed
pertise. It encourages collaboration and engage-
across various sectors to proactively identify potential
ment, enabling stakeholders to collectively address
issues and risks that may impact an organization in the
identified issues and take unified actions.
future within our complex and interconnected world.
By conducting horizon scanning, organizations can: Y Address Policy/Strategy Choices: Horizon scan-
Y Deepen Understanding: Horizon scanning helps ning helps organizations identify and clarify chal-
organizations develop a deeper comprehension of lenging policy or strategic decisions and trade-offs
the driving forces shaping future policy and strat- that may arise in the future. By recognizing poten-
egy development. It enables them to stay in- tial dilemmas in advance, organizations can
formed about emerging trends, technologies, and proactively devise robust strategies that consider
societal changes that could significantly influence multiple scenarios and potential outcomes.
their operations.
Y Foster Resilient Strategic Approaches: By integrat-
Y Identify Knowledge Gaps: Through horizon scan- ing horizon scanning into their strategic planning,
ning, organizations can identify gaps in their un- organizations can create a new strategic approach
derstanding and areas that require further re- that prioritizes resilience and adaptability. This
search. This process enables them to gain a more approach ensures that organizations remain agile
comprehensive understanding of the driving and responsive to evolving external conditions,
forces behind potential risks and opportunities.
enabling them to navigate uncertainties and seize
Y Build Consensus: Horizon scanning facilitates the opportunities effectively.

Identify key Assemble a diverse group of relevant individuals who possess different perspectives and
stakeholder expertise. It is important to prioritize inclusivity and open-mindedness to ensure a
comprehensive understanding of the subject matter.
Kick Off Initiate the horizon scanning process by clearly defining the purpose, methodology, and
expected outcomes. This step establishes the guidelines for conducting the horizon
scanning exercise and how the resulting insights will be utilized in decision-making.
Research Allocate specific issues or topics to individual stakeholders within a defined timeframe.
Each stakeholder conducts research using various resources such as professional journals,
online content, and other relevant sources to gather information on their assigned topic.

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