Emerging risks – the ORX approach

Guidance - November 2026

Traditional risk identification approaches, which assume risks can be meaningfully isolated and classified, increasingly struggle to capture how risks emerge, amplify and crystallise in practice.

When looking at the emerging risk landscape, in particular, analysis should focus on making sense of developments and change, understanding uncertainty and anticipating future shifts in risk profiles.  

In other words, while material risk reporting focuses on what risks are material today, emerging risk analysis focuses on what is changing that could alter those risks tomorrow.