How should organisations deal with the new world of emerging risks? Building an effective, long-term resilience strategy is essential, in order for businesses to survive and thrive.
Keith Smith, Senior Manager, Risk Advisory and Analytics, lists three key sources of disruption that organisations need to factor into their response to emerging risks.
- Climate-related disasters – The issues of severe weather and natural catastrophe incidents are likely to grow exponentially due to the consequences of climate change.
- Geopolitics – Global tensions are rising, not abating.
- ESG – Environment, social and governance matters are the new priorities for organisations and societies alike.
Keith explains how information and decision making go hand in hand. For example, crowdsourcing techniques can be used to think wider, gather ideas and innovate. And scenario analysis can bring data together, providing insights to help with decision making.
In addition, employers need to recognise that individuals within an organisation differ in their perceptions of risk. This presents an opportunity to help people better understand risks and provide suitable support and information.
"The role of a risk manager is not just to identify threats, it’s to identify the opportunities and help organisations achieve their objectives."
The perception of risk, whether it applies to organisations or employees, demonstrates the need for good information, so that informed decisions can be made. It’s what we call “Employer DNA” – using data analytics and human intelligence to make smarter decisions that can deliver real transformation within an organisation. To learn more about Employer DNA, visit our content hub here.
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