Unforeseen crises can result in significant losses for unprepared organizations. A paradigm for risk management discloses that threats can lead to crisis events which can have immense negative consequences. Analyzing risks and making appropriate decisions regarding them is very challenging but crucial. Emerging developments in organizational risk reveal similar characteristics among evolving threats. Effective risk management requires insightful leadership and is essential for an organization to achieve security. The paper aims to discuss these issues.
The authors explore some emerging developments in organizational risk, by highlighting evolving concerns and identifying their common characteristics. The authors then discuss key resources and recommend approaches in managing organizational risk.
Evolving concerns in organizational risk include: infrastructure risk, enterprise risk, information security risk, supply chain risk and new technologies risk. The most troubling threats to an organization tend to have some risk characteristics in common. These attributes are useful in identifying further threats.
Managing risk is an enormous challenge that all organizations encounter. Understanding the common characteristics of evolving risks that are currently under scrutiny can provide insight into identifying further threats to organizations. With these common characteristics understood, the primary resources of solid leadership, risk analytics and professional business continuity management can aid in the recognition of additional obscured but growing risks and be beneficial in providing security for an organization.
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