Improving emerging risk management in industry

Improving the Management of Emerging Risks: Risks from new technologies, system interactions and unforeseen or changing circumstances

This Concept Note is an effort to set forth ideas for more proactive management of emerging risks, particularly in industry. Following IRGC’s work on risk governance deficits and contributing factors to risk emergence, the focus in this Concept Note is on how to overcome the major obstacles that commonly prevent organisations from improving their emerging risk management. The eleven themes presented in the Note each derive from one obstacle and are described in such a way as to provide clarity and operational significance for managers who have the task of identifying, assessing, evaluating, prioritising and managing the early phases of development of an emerging issue.

The target audience is senior management in private sector organisations, although the ideas also apply in the public sector, and particularly, in government agencies with responsibility for establishing and enforcing risk regulation. The aim is to stimulate discussion at the conceptual and policy level on how management of emerging risks can be improved, and on how further research in a variety of disciplines might contribute to such improvement.