How are you identifying potential emerging risks for your business?
We currently are doing a yearly environmental scan of all risk reports that we can find on the internet and via our risk connections and identify what are new things coming through. This is then reported to our risk management committee at least once a year. This is our formal process. We do also check reports on an informal basis and will highlight if new risks are emerging.
What else can we do to identify emerging risks?
Are we on the right track?
Do you also look at the business risks (including political, financial, operational etc.) that you business faces daily? Looking at different risks from a spectrum of reports is great to get some knowledge of the risk world, but you need to apply risks that pertain to your business. Having risk-based scenarios is also a very effective way of communicating risks.