PHOTO:
Nathan Shipps
It seems that “emerging risks” are a topic du jour.
“Emerging risks can be new and unforeseen risks whose potential for harm or loss is not fully known,” stated Marsh & McLennan’s “Ahead of the Curve: Understanding Emerging Risks” report.
“Emerging risks are those risks an organization has not yet recognized or those which are known to exist, but are not well understood. To quote Donald Rumsfeld, former US Secretary of Defense, ‘There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don’t know. But there are also unknown unknowns. There are things we don’t know we don’t know.’ An ERM program that does not address the potential challenges created by the…
