What are 'emerging risks'?

Emerging risks refer to new or evolving threats that arise from changes in various factors such as technology, regulations, societal behavior, environmental conditions, or market dynamics. These risks may not be fully understood or quantified yet and can potentially have significant impacts on organizations, industries, or society as a whole. Recognizing and assessing emerging risks is crucial for effective risk management, as it helps organizations adapt and prepare for unforeseen challenges.

The focus on new or evolving aspects highlights the importance of staying vigilant and proactive in the face of changing circumstances. As conditions evolve, previously unknown risks can surface, requiring a framework for identification and evaluation to address them adequately. Engaging with emerging risks ensures that an organization can navigate the complexities of an ever-changing landscape and maintain resilience.