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In a rapidly changing business environment characterized by advancing technology, shifting geopolitical tensions and increasing regulatory scrutiny, it is more important than ever for organizations to look beyond near-term threats to prepare for the risks they could face in the future. Broadly defined, these emerging risks are new or developing threats that have an unknown significance and impact and are therefore not well understood. Emerging risks can also be known risks that have transformed due to changes in the business environment. The key is that, even if the risk is known to some degree, the likelihood and impact of the risk is not. These “unknowns” defy traditional risk management techniques and, as a result, organizations often opt to
allocate fewer resources to them. But by taking steps to identify and evaluate emerging risks, organizations can be better equipped to make important, risk-aware decisions to ensure the
best long-term strategic outcomes.