Page 27 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

Techniques such as horizon scanning, PESTLE analysis, Sharing best practices and collaborating among orga-
and SWOT analysis can aid in the identification and nizations can enhance the effectiveness of emerging
understanding of emerging risks. The ongoing COVID- risk identification and management.
19 pandemic serves as a prominent example of the
impact and characteristics of emerging risks, including References
their ambiguity, complexity and volatility. 1. https://www.hannover-re.com/261349/emerging-
risks
Tackling emerging risks is crucial for building resilience 2. https://www.theirm.org/media/9230/charities-sig-
and adaptability within organizations. However, orga- an-introduction-to-emerging-risks-and-how-to-iden-
nizations may avoid addressing these risks due to the tify-them.pdf
lack of quantifiable data and the challenges of deci- 3. https://www.linkedin.com/pulse/emerging-risks-con-
sion-making in uncertain scenarios. cept-detection-assessment-m-salman-khan-
4. https://issuu.com/irmglobal/docs/charities-sig-an-
Nonetheless, techniques such as horizon scanning can introduction-to-emerging-risks-an
help in identifying emerging risks by involving stake- 5. https://www.dw.com/en/coronavirus-who-declares-
holders and analysing external sources. global-health-emergency/a-52209762. T

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