Page 25 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

Output Each stakeholder documents their research findings and submits a concise report on a
regular basis, such as weekly. These reports serve as valuable contributions to the overall
horizon scanning exercise.
Collaborate / Collect and consolidate the individual reports, and present them back to the group for
Combine collaborative discussion. This process allows for the synthesis of insights and identification
of potential risks and opportunities, maximizing the collective knowledge and expertise
of the stakeholders.
Monitor and Evaluate the collected information and prioritize key risks for further analysis. Conduct
Review an in-depth analysis using appropriate tools, such as the tool described in the UK
government paper. This step enables a more comprehensive understanding of the selected
risks and aids in developing effective strategies to address them.

Horizon scanning, like PESTLE and SWOT analyses, were identified as potential threats with a rela-
benefits from the participation of key stakeholders tively shorter timescale, indicating that they may
working together within agreed timelines, whether in manifest and have a significant impact on the or-
small groups or as individuals. ganization in the near future. Recognizing the ur-
gency of these risks, proactive measures and miti-
The charity sector is poised to enhance collaboration gation strategies would be essential to address
and foster shared best practices. By working together, them effectively.
organizations can overcome resource limitations and
achieve higher levels of analysis and insight. Collabo- Through the horizon scanning process, the animal char-
rative efforts enable a collective pooling of resources, ity gained a comprehensive understanding of both the
enabling the identification of emerging risks more ef- long-term, high-impact risks and the shorter-term,
fectively and the delivery of deeper analysis and in- high-impact risks, enabling them to prioritize their risk
sights that surpass what individual organizations can management efforts accordingly.
accomplish alone. This collaborative approach not only
enhances the effectiveness of emerging risk identifi- Case Study on Emerging Risk
cation but also promotes a culture of continuous im- The WHO designated the COVID-19 outbreak as a
provement and knowledge sharing within the charity worldwide public health emergency of international
sector. concern on January 30, 2020. Subsequently, in March
2020, it was classified as a pandemic, highlighting the
Example of identifying emerging risks using severity of the situation and urging nations to take

horizon scanning decisive measures in detecting infections and prevent-
ing further spread. Unlike many other illnesses, there
In the specific case of a national UK animal charity
is currently no FDA-approved medication with estab-
engaged in rehoming services, operating charity shops,
lished efficacy against this novel virus. Although signifi-
and offering education and advice on animal care, the
cant advancements have been made in healthcare, the
application of horizon scanning to identify emerging
most potent and effective weapon against COVID-19,
risks unveiled two discernible categories:
which impacts not only health but also economies,
1. Inevitable, High-Impact Risks: These risks were politics, and social order, lies in preventing its trans-
identified as events or trends that might be fur-
mission.
ther in the future, but their potential impact on
the organization would be significant if they were The primary focus in society's efforts to curb the
to occur. Although these risks may seem distant
spread of the virus revolves around practicing effec-
in terms of time, they cannot be ignored due to tive hand hygiene, maintaining social distancing, and
their potential ramifications. implementing quarantine measures when necessary.
2. Shorter-Term, High-Impact Risks: These risks By adhering to these preventive measures, individuals

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