What do you do if industry trends in Risk Management are constantly changing?

The ever-evolving landscape of risk management can feel like chasing a moving target. To effectively manage risks, it's essential to continuously learn, network with experts, and adopt technology. This can be achieved through subscriptions to industry publications, attending conferences, and webinars, professional development opportunities, building relationships, seeking mentorship, using risk management software, and regular scenario planning exercises. An agile approach emphasizes continuous improvement and adapts strategy to new trends and threats. Effective communication is crucial for stakeholders to understand evolving risk trends and innovative mitigation strategies.

“You can't just keep doing what works one time, everything around you is changing. To succeed, stay out in front of change.” – Sam Walton In an ever-evolving landscape, staying informed about industry trends in Risk Management is paramount. Regularly engaging with industry publications, attending conferences, participating in webinars, and networking with professionals are essential. Establishing a network of mentors and peers for knowledge exchange and staying abreast of emerging technologies further enhances adaptability. Embracing change as an opportunity for growth enables professionals to navigate evolving trends successfully.

You can stay informed about risk management by: - best practice forums - industry practice groups - round tables - industry forum coordinators - supplier demonstrations - risk forum groups - participating in conferences as a speaker or congressman - in risk libraries - trade associations - in universities - with podcast, articles and social networks (I recommend that you know the source and filter the reliable ones).

Manter-se informado sobre os acontecimentos e mudan?as que acontecem no mercado global de GRC, sem duvida é primordial para se antecipar as estas mudan?as e novas práticas. Assistir webinars, leitura ativa de papers e artigos sobre os temas é de grande valia.

Os riscos est?o em constantes mudan?as, ano após ano. Quem trabalha com gerenciamento de riscos deve estar sempre um passo a frente de tendências e mecanismos de mitiga??o, de modo a buscar melhores práticas para tal.

Embracing technology is vital for staying updated on risk management trends. It streamlines data management, enables real-time monitoring, automates tasks, supports predictive analytics, improves communication, ensures scalability, and aids compliance. By leveraging technology effectively, organizations can stay ahead of emerging risks and protect their interests in a complex business environment.

Andar, esse nesse sentido, junto com a tecnologia é fundamental para consumir e explorar dados, trazendo cenários e tendencias dessas muta??es.

Those who do not embrace technology will feel real pain. Technology has many benefits but consider that most advances in technology are almost always used/exploited by criminals. Utilising technology has many benefits as its allows huge amounts of data to be interpreted, general improves communications, helps all round operational efficiency and allows for informed decisions to be made. AI is the proverbial "genie in a bottle" but that genie will never return to the bottle. While it will deliver many benefits, it power also means it changes the landscape for how threats can come at businesses. You need to utilise the technology to protect yourself

Em gest?o de riscos nunca se pode parar de estudar. Mudan?as de metodologia, calculos, boas praticas, formas inovadoras de gerir riscos..o mercado de GRC está sempre inovando e ha novos riscos que podem emergir do “desconhecido”. Temos de estar sempre estudando e nos aprimorando para estarmos preparado para tais mudan?as.

I'll like to summarize this point with a quote by Einstein, "The definition of insanity is doing the same thing over and over and expecting different results." In the face of ever-changing landscape of risk management, continuous learning is crucial. Risk professionals must adopt a mindset of lifelong education, proactively seeking out training programs, certifications, seminars, and online courses to stay ahead of the curve. Relying on past knowledge is insufficient - navigating change requires committing to expanding skills and expertise. Whether it's mastering new risk assessment methodologies, understanding emerging technologies, or developing strategic foresight, a dedication to ongoing continuous learning is essential.

One thing I have found helpful to make continuous learning easy and much interesting is professional associations continuous professional development courses, training especially the interactive seminar sessions.

To effectively handle constantly changing industry trends in risk management, stay updated through continuous learning, utilizing flexible frameworks, conducting regular assessments, fostering collaboration, leveraging technology, adopting agile decision-making, and implementing scenario planning. By embracing these strategies, you can navigate the dynamic risk landscape with resilience and adaptability, ensuring your organization remains prepared to mitigate emerging risks effectively.

Think outside box, risk are not central to same or similar industries. Partnering and building on lessons learnt from non- related industries are key to understanding likelihood of event occurring in organization. Asking questions when assessing likelihood. Has this happened in non- related industry, has it happened in our industry and then most relevant has it happened to us and what is probability.

Ter uma rede de suporte e de estudo para temas de gerenciamento de riscos é fundamental para garantir sucesso nesta gest?o participativa e colaborativa.

As Warren Buffet said …"Risk comes from not knowing what you're doing”… Understanding and managing risk is crucial.. This underscores the importance of exploring diverse strategies to identify, assess, and mitigate risks across various domains like business, finance, project management, or personal choices. It's imperative to regularly review and refine your risk management strategies. This involves not only updating current risk assessments but also reevaluating your overall risk management approach in light of evolving industry trends. By consistently asking these critical questions, you ensure your risk management practices remain resilient and adaptable.

Trends in risk management do not mean constant changes. There is a perspective and several studies that bring trends of new risks, such as cyber, inflation, polarization, wars, etc. In this sense, it is important to relate the nature of business and markets to the indicated risks. Check how far the organization is from trends. From the perspective of risk management methodology, if trends change all the time and you intend to bring new elements, leave space for this in the agenda, evaluate cost x benefit, effectiveness of innovation, whether the trend is something concrete or just something temporary, carry out pilots, projections and simulations.

With any form of Risk Management, you must stay relevant with current thinking, current technologies and continuous learning (ignorance isn't an acceptable reason when your GRC team ask why something went wrong). When you take the steps to stay relevant, you must regularly review/update your policies else what is the point? Challenge everything, question everyone and don't be afraid to ask GRC to come and audit your processes. Its the only way you ensure any working protocols/practices are strong, adaptable and therefore fit-for-purpose.

"Change before you have to." - Jack Welch In a dynamic field like Risk Management, anticipating and planning for change is essential. Engaging with stakeholders to gather diverse perspectives and brainstorm innovative solutions fosters agility. Developing contingency plans and scenario analyses prepares for unforeseen challenges. Investing in continuous learning and skill development equips professionals to navigate evolving trends effectively. Establishing robust communication channels ensures timely dissemination of information and facilitates collaborative problem-solving. Embracing change as an opportunity for growth enables organizations to stay ahead of the curve in Risk Management.

it's essential to stay informed and adaptable. Keep learning about emerging methodologies, technologies, and best practices. Network with peers, attend conferences, and engage in professional development activities to stay ahead of the curve. Flexibility and agility are key in navigating evolving trends in risk management.

Emerging risk continuously require reassessment. Understanding risk to take risk is key to staying relevant. Risk registers should be dynamic require 6 monthly reviews. Data privacy, cyber security and responsible use of AI are key emerging risk requiring focal, rigorous review as a risk control framework is established by each organization. Building maturity in this space require dedicated, focused time with key milestones.

1. Continuous monitoring & surveillance, 2. Adapt & react swiftly to internal & external changing environments, 3. Capacity building, 4. Leverage relevant emerging technologies, & 5. Above all, keep talking about "risks".

First of all, it is good to take note that in this scenario, it is commendable that the chance of trend was identified which most often people does not recognize it. It shows that culture and process are develop already and working. Now, adoption and accepting the reality against the change is a decision making where few is flexible to accept. The effectiveness of adoption is also intangible with timing so it is important to see that action are done in the right timing.

Act to learn and better understand the (likely) system that creates the change of trends. There is likely a system that creates patterns, aka trends. Identify and understanding that system, it's components, causal loops, will help.