Strategic Focus: The New Wave Of Enterprise Risk Consulting
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Executive Summary
The World Economic Forum’s 2024 Global Risks Report rates climate-related, technological and geopolitical risks among the top five global risks over the next two years. These types of new and emerging risks present a wealth of challenges to firms’ existing risk management plans. These risks can present with little to no warning, drastically shortening the timeframe in which organizations must respond. At the same time, firms’ responses to crises are increasingly publicized, leaving little room for error. As organizations attempt to adopt a more proactive approach to risk management, they are increasingly leaning on consultancies to revitalize their risk management frameworks.New and emerging risks create a broad spectrum of challenges for chief risk officers
New risks and growing business intricacies render existing risk management methods insufficient
Today’s risk challenges necessitate a paradigm shift in risk consulting
Figure 2. The new risk landscape exposes weaknesses in firms’ existing risk strategies
Figure 3. Necessary features of risk consulting today
About the Authors
Katelyn Johnson
Senior Manager
Katelyn is a Senior Manager at Verdantix, specializing in enterprise risk management and external risk and resilience. She helps executives navigate today’s evolving ris...
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Bill Pennington
VP Research
Bill is VP Research at Verdantix, where he leads analysis on the evolving and interconnected landscapes of EHS, quality, AI and enterprise risk management. His research helps ...
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