Inspired by suggestions from Risk Leadership Network members, we’ve created a Horizon Scanning Tool. This interactive dashboard saves them time in data collection and interrogation when horizon scanning, a key activity in their emerging risk framework.
The Covid-19 pandemic has accelerated the conversation about risk - especially emerging risks all across the world. While most organisations had pandemic on their radars in some shape or form, many would admit that their mitigation plans could have been stronger.
Risk leaders around the world are recognising the growing importance of robust horizon scanning and other techniques to foresee future risks that could impact their business. Emerging risks are ambiguous, uncertain and, by their very nature, have limited information available about them.
Horizon Scanning Tool
Building on Risk Leadership Network's Risk Reporting Comparison Tool, we’ve built a dedicated Horizon Scanning Tool which collates information from data-rich sources on emerging risks, including those from the World Economic Forum and the European Commission; leading consultancies; and company annual reports that include emerging risks.
We have categorised the risks to allow easy identification and analysis of key topics, as directed by risk experts across our network, enabling members to identify and analyse emerging risks highlighted by others that may be applicable to their businesses.
By providing easy access to information on relevant emerging risks, the tool greatly reduces the time usually spent by risk leaders gathering data.
It’s also filterable, meaning that members can drill down into specific sources and risk categories as they require, as well as explore megatrends by topic and analyse emerging risk trends.
The tool is empowering risk leaders to:
- Validate their approach to emerging risk management - are you in line with your sector or competitors?
- Broaden their horizons - what blind spots does your organisation have?
- Get on top of market trends - does your approach stack up with what year-on-year data trend suggest?
Watch the video below to see the tool in action:
Please request a personal demo of the tool if you'd like to understand more of the tool's capabilities.
How to use the Horizon Scanning Tool
There are many ways to make the most of this tool, but here are pieces of analysis that we used data from the Horizon Scanning Tool to put together:
- Identify potential blind spots for high growth digital companies
In our deep dive into emerging risks and blind spots for high-growth digital companies, we mapped the emerging risks that were already on the radar of these companies (based on their interview responses), against the highest ranking emerging risks in the Horizon Scanning Tool - thereby identifying blind spots where there was limited cross-over.
- Compare the emerging risks with principle/material risks by sector
This analysis allowed us to identify trends by sector in the top emerging risks compared to the principal/material risks - ensuring that risk leaders are not missing key emerging risks that the rest of the sector already has on its radar.
Without the Horizon Scanning Tool, it would have taken weeks to compile the data from so many sources to provide this intelligence. But with this data at our fingertips, it drastically reduced the amount of time required to produce this analysis. Risk Leadership Network members, who have access to this tool, are able to make the same time savings in their own horizon scanning and analysis.
Would you like a private demo of the tool?
The Horizon Scanning Tool is exclusively available for Risk Leadership Network members.
To learn more about the tool and see how it could benefit you, request a demo of the Horizon Scanning Tool here.