Emerging risks: Identification and management

Emerging risk categories and factors

Rather than looking at standalone emerging risks, ORX have set out the following 11 emerging risk categories:

Advancing cybercrime
Business service disruption
Climate risk
Conduct
Data
Fraud

Health and wellbeing
People and skills
Regulation/supervision
Supply chain (incl. third parties)
Technology and digital strategy 

While these categories support an overall view, our main focus is on analysing the underlying, dynamic and often interconnected emerging risk factors that influence the emerging risk landscape.

These factors can be narrow and specific to a single category for example, an emerging fraud methodology. Or, they could be broader in scope, impacting across a range of risk categories – e.g. certain geopolitical developments.

Our members can use this analysis to help them understand what impact emerging threats may have on their existing risk profile. For example:

• Will their existing risks likely change in size/shape?
• Or, occasionally, could there be new, previously unidentified risks on the horizon that need to be defined?

For more examples and to read our latest insights, read our latest Operational Risk Horizon report.