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.

Table of contents

The shifting global risk landscape is ushering in a fresh era for risk consulting
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

Table of figures

Figure 1. New and emerging risks challenge firms’ global operations
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, Risk Management
Katelyn is the Senior Manager in the Verdantix Risk Management practice. Her current research agenda focuses on climate risk and its integration into risk management frameworks. Prior to joining Verdantix, Katelyn was a climate scientist at GNS Science in New Zealand. She has previously held roles in the energy industry, where she helped projects manage risk due to weather and ocean phenomena. Katelyn holds a PhD in Geology from Victoria University of Wellington and an MS in Earth Sciences from Ohio State University – both focusing on climate science – as well as a BS in Meteorology from Texas A&M University.

Bill Pennington

VP Research, EHS & Risk Management
Bill is the VP Research for the Verdantix EHS & Risk Management practices. His current agenda focuses on understanding the evolution of EHS and enterprise risk management, evaluating emerging strategic risks and benchmarking technology buyers’ budgets, priorities and preferences globally.

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