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What are the emerging risks in innovation and creativity for Risk Management?

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Innovation and creativity are essential for any organization that wants to stay ahead of the competition, solve complex problems, and create value for its customers and stakeholders. However, innovation and creativity also come with risks that need to be identified, assessed, and managed effectively. In this article, you will learn about some of the emerging risks in innovation and creativity for risk management, and how to address them in a proactive and strategic way.

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Jim Wetekamp

CEO @ Riskonnect, Inc. | Integrated Risk Management Solutions

1 Risk culture

One of the key factors that influence the success or failure of innovation and creativity is the risk culture of the organization. Risk culture refers to the shared values, beliefs, and behaviors that shape how people perceive and respond to risks. A positive risk culture encourages experimentation, learning, and collaboration, while a negative risk culture stifles innovation, creates fear, and promotes blame. To foster a positive risk culture, you need to align your risk management framework with your innovation strategy, communicate clearly and consistently about the risks and opportunities of innovation, and reward risk-taking and learning from failures.

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Jim Wetekamp

CEO @ Riskonnect, Inc. | Integrated Risk Management Solutions
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Innovative organizations can embrace disruptive ideas while still living within their appetite for risk by recognizing that different risk thresholds apply to different stages of innovation. Risk management approaches at 'launch', 'expansion', or 'steady state operation' are not the same as those at 'research' or 'development'.

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2 Digital transformation

Another emerging risk in innovation and creativity is the rapid and disruptive change caused by digital transformation. Digital transformation is the process of using digital technologies to create new or modify existing business processes, products, services, or models. Digital transformation can create significant value and competitive advantage, but it can also expose the organization to new and complex risks, such as cyberattacks, data breaches, regulatory compliance, ethical dilemmas, and talent gaps. To cope with these risks, you need to adopt a holistic and agile approach to risk management, leverage data and analytics to monitor and anticipate risks, and invest in digital skills and capabilities.

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Jim Wetekamp

CEO @ Riskonnect, Inc. | Integrated Risk Management Solutions
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You likely need to break some things, before you build them back stronger: - rethink your systems: data lakes aren't the answer, think in terms of aligned risk indicators and workflows that cross lines of defense and functional silos - rethink your focus (and skills): automate data collection, reconciliation, and quantification so you can focus on analysis and decision-making - rethink your business case: value attribution to risk management rarely involves ROI beyond the operational efficiency of the risk management team itself. Evaluate the enterprise-wide total cost of risk and define specific improvement goals against which to measure the program

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3 Social and environmental impact

A third emerging risk in innovation and creativity is the increasing demand and expectation for social and environmental responsibility from customers, investors, regulators, and society at large. Social and environmental impact refers to the positive or negative effects that innovation and creativity have on people, communities, and the planet. Innovation and creativity can contribute to solving some of the most pressing social and environmental challenges, such as poverty, inequality, climate change, and health. However, they can also create or exacerbate social and environmental problems, such as human rights violations, discrimination, pollution, and waste. To address these risks, you need to embed social and environmental considerations into your innovation process, engage with your stakeholders and partners, and measure and report on your impact.

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4 Intellectual property

A fourth emerging risk in innovation and creativity is the protection and exploitation of intellectual property (IP). IP refers to the intangible assets that result from innovation and creativity, such as patents, trademarks, copyrights, trade secrets, and know-how. IP can be a valuable source of competitive advantage, revenue, and reputation, but it can also be vulnerable to theft, infringement, or misuse by competitors, collaborators, or third parties. To manage these risks, you need to have a clear and robust IP strategy, register and enforce your IP rights, and negotiate fair and transparent IP agreements.

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5 Human factors

A fifth emerging risk in innovation and creativity is the human factor. Human factors are the psychological, social, and emotional aspects that affect how people think, feel, and behave in relation to innovation and creativity. Human factors can either enable or hinder innovation and creativity, depending on how they are influenced by factors such as motivation, mindset, culture, diversity, and ethics. To optimize these risks, you need to understand and address the human needs, preferences, and values of your innovators, customers, and stakeholders, and create a supportive and inclusive environment for innovation and creativity.

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6 Uncertainty and complexity

A sixth and final emerging risk in innovation and creativity is the uncertainty and complexity of the external environment. Uncertainty and complexity refer to the degree of unpredictability, volatility, and interdependence of the factors that affect innovation and creativity, such as market trends, customer demands, technological developments, and geopolitical events. Uncertainty and complexity can create both challenges and opportunities for innovation and creativity, depending on how they are perceived and responded to. To navigate these risks, you need to adopt a flexible and adaptive mindset, use scenario planning and foresight tools, and build resilience and contingency plans.

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Jim Wetekamp

CEO @ Riskonnect, Inc. | Integrated Risk Management Solutions
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Constructively mapping the unknowns can be a difficult exercise even in operations you may have been managing for many years. Doing so while embracing an innovative idea can be even more daunting. Manage scenario creation in waves: - Wave one: Key concepts related to the innovation. Diagram the innovation and it's impact. - Wave two: Interrelations between the concepts. Understand the technology flow, the economic flow, and the personnel/consumer flow. - Wave three: Define facts, hypotheses and questions about each concept, and it's relation to other concepts. - Wave four: Catalog risks related to each concept, and it's connection to each other concept.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the emerging risks in innovation and creativity for Risk Management?

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2

3

4

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1 Risk culture

2 Digital transformation

3 Social and environmental impact

4 Intellectual property

5 Human factors

6 Uncertainty and complexity

7 Here’s what else to consider

Risk Management

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What are the emerging risks in innovation and creativity for Risk Management?

1

2

3

4

5

6

7

1 Risk culture

2 Digital transformation

3 Social and environmental impact

4 Intellectual property

5 Human factors

6 Uncertainty and complexity

7 Here’s what else to consider

Risk Management

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