Embedding emerging risk into an organisation's risk management process
August 2022
We need to understand how to better embed emerging risks into our organisational risk management process. We have a framework in place, but we want to create risk intelligence that provides an emerging risk lens to business decisions. It would be invaluable for us to hear from other risk leaders on how they monitor emerging risks and communicate these to the board.
Risk Leadership Network member
Head of Risk at a FTSE-listed energy company
1. Collaborative meeting series
Risk Leadership Network arranged a series of virtual meetings to help this member specifically explore the topic of emerging risk with a number of relevant peers, including sessions on:
- Embedding an emerging risk framework
- Establishing signal monitoring
- Integrating horizon scanning into board reporting
2. Facilitated a 1-to-1 discussion
Risk Leadership Network arranged a 1-to-1 deepdive with another member in the network.
This other member had recently developed an emerging risk framework, and was able to discuss this with the priority holder in more detail during this session. They discussed the nuances of their emerging risk framework and how it could be applied to a different type of organisation.
How this helped
Quick and effective implementation of a revised emerging risk framework
The member was able to lift and adapt parts of their peer's emerging risk framework, drastically reducing the time it would take to create one from scratch. They were able to draw on lessons learned from some of the most experienced risk leaders in the world.
The board are now engaged in the team's emerging risk intelligence.
They were reassured that the framework had been validated by experienced practising risk leaders and now use the team's emerging risk intelligence to make strategic decisions.
No consultancy budget needed
Rather than spend huge amounts of budget on a 'cookie cutter' solution, the member's solution was based on tried-and tested success of other risk leaders. They were able to pick and choose the elements of their peer's framework, and get insight on how to adapt them from somebody who had already implemented it.