Following work on risk governance deficits, IRGC focused on how to deal with emerging risks.
IRGC defines as “emerging” a risk that is new, or a familiar risk in a new or unfamiliar context or under new context conditions (re-emerging). Emerging risks are issues that are perceived to be potentially significant but which may not be fully understood and assessed, thus not allowing risk management options to be developed with confidence.
The project included two phases:
Phase 1 focused on how and why risks emerge and concluded in January 2011 with the publication of a report on the identification and description of a number of contributing factors to risk emergence, so that risk professionals, by understanding and recognising these factors, may be better able to avoid or mitigate emerging risks in the future. This phase concluded with application in industry and in the public sector.
Phase 2 consisted of the development of overarching guidelines for the governance of emerging risks.