Extending Enterprise Risk Management (ERM) to address emerging risks looks at how organisations identify, assess, and manage risks; what techniques they are using as the basis for determining response strategies that align with their strategy; and risk appetite and tolerance.
The paper proposes a 4-step framework organisations can use to better protect themselves and even further their strategies and objectives by embedding this discipline into their risk management culture:
* Identify emerging risks relevant to the organisation
* Assess the risk’s significance, interconnectedness with other risks, and implications to the business
* Determine risk response strategies, considering collaboration with external parties
* Routinely monitor emerging risks through effective use of indicators
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