Emerging risk (in simple terms) are those that are new and foreseen that a company simply have not yet contemplated. These are risks that should be on a company’s radar and management needs to be concerned about in the present day and over the next year. Emerging risks potential for harming a company or losses are not yet fully known. An effective ERM program requires a certain amount of attention to identifying these emerging risks. Most ERM programs historically just shuffled around the known “knowns,” and then pushed them around on the heat map leaving the executives and committee directors asking: “Well, can you tell me something that I don’t know?”
Emerging risks can be identified in multiple different ...
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