RIMSâ emphasizes that a dialogue about emerging risks is necessary to continue the evolution of the risk management discipline and to help practitioners and organizations achieve full value from their investment in ERM. The recent global financial crisis, which was identified early by some risk managers as an emerging risk, raised many serious questions, some of which focused on the effectiveness of risk management practices and, more specifically, ERM.
The report helps risk managers to address these concerns by illustrating how to balance emerging risks with internal and better-known issues; why external risks should be taken seriously and not overlooked as mere macro-level global issues; steps to identify the interconnectedness of various risk factors, including emerging risks. Other topics covered within the report include the characteristics of emerging risks and best practices for identifying and assessing them.
âTodayâs risk managers have an extensive toolkit from which to draw to address developing macro-level trends and micro-level organizational issues,â says Pete Fahrenthold, chair of RIMS ERM Committee and managing director of risk management for Continental Airlines, Inc. âThe key to properly addressing emerging risks is applying these tools and techniques in new areas and considering not only known risks but the long-term impact of emerging risks on organizational objectives. Risk managers need to look for the deeply rooted emerging risks of which well-understood risks may be a symptom.â
Emerging Risks and Enterprise Risk Management will be available free of charge at RIMSâ ERM Center of Excellence Booth, number 1631 in the Exhibit Hall, throughout the course of RIMS 2010. Following the conference, it will be offered through RIMStore at no charge to members and for $99 to non-members.