If everyone had a crystal ball, risk management would be easy. But since there aren’t any wizards or fortune tellers among us (that I know of), we have to rely on forecasts to help guide us. To this end, every year, business consultant CEB develops a list of what they consider the top 10 emerging risk areas that will affect enterprises in the coming year. While the list is primarily intended to help audit teams develop and refine their plans for the coming year, the risks are really applicable to any business unit.

1. Compliance management
2. Cybersecuirty: Malicious insiders
3. Risk management
4. Cybersecurity: Malicious outsiders
5. Emerging markets
6. IT governance
7. Third-party relationships
8. Project management
9. Intellectual property
10. Crisis response management

In a new online exclusive article in Risk Management magazine, Friso Van Der Oord and Jeffery Ugbah, directors with CEB’s legal, risk and compliance practice, organize the list into four themes that look at the downside of business interdependence, the balance between control and value, embedding compliance in the business, and organizational blindspots. Their analysis helps put these risk into greater context.

Our current report addresses some well-known risks, such as cyber-security and third parties, but also highlights gaps in companies’ control environment such as inadequate risk management and insufficient crisis response management that may create real blind spots for companies.
Not only do we see changes in the corporate risk landscape, perhaps more importantly we see organizations, despite their best intentions, struggle to maintain effective controls in light of rapid business and regulatory changes.

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For more, you can read the entire article at RMmagazine.com.