Phase 2 (starting in early 2010) aims to develop the guidelines, possibly in the form of an emerging risk framework, that organisations in the public and private sectors can use to better understand the early development of emerging risks and, so, better anticipate those emerging risks likely to affect them. This should enable organisations to improve their early warning of emerging risks, to characterise, categorise and prioritise them, and eventually begin to think about how they may deal with them. Finally, the framework is intended to highlight the need for organisations to develop an appropriate internal risk culture if they are to optimally anticipate and respond to new risks. The emerging risk framework is intended to be:
Anticipative of issues that may be difficult to manage;
Relevant for issues at the level of both the “big picture” (risk governance of the global financial system, for example) and at more detailed or technical levels (risk governance of a specific toxic chemical, for example); and
Relevant to different sectors (such as health, environment, technology development, energy or finance), organisations (both government and business) and geographic regions of the world.