How to Identify New Risks

How to Identify New Risks

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It recently occurred to me that with any risk there will always be a typhoid mary.  Which made me consider the idea of how to recognize new and emerging risks so as an institution grows, they never have to be on the wrong side of a "dramatic outbreak" so - to - speak. 
 
An emerging trend of large-scale cyber attacks, as well as, a need for hyper-connectivity on a global scale is on the forefront, and even Artificial Intelligence and Synthetic Biology are starting to be considered as extremely plausible in the next 5 to 10 years, if not already. The world economic forum recently pointed out several environmental risks, technological risks, and financial risks on a global scale. And in all aspects, a centralized concept for more emphasis on Risk Governance and Control Frameworks, and being able to track and effectively manage risks known and unknown has been the trend. 
 
 
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As the article points out,"Because of their longer term nature, risks emerging from changes in the external environment may require an analysis of scenarios to understand fully their potential impact on the business model. Scenario planning can help management to cope with uncertainty by bringing to the surface the vital signs on which the company must focus. It blends the known with the unknown into a limited number of internally consistent views of the future spanning an appropriate range of possibilities." 
 
This article has not only some great suggestions for Management to think about for the future, but also great incite on how to look forward within the Organization's culture.