Title: Challenges related to emerging risk management

Authors: Luciano Morabito; Benoît Robert

Addresses: Polytechnique Montréal, C.P. 6079, succ. Centre-ville, Montréal (Québec), H3C 3A7, Canada ' Polytechnique Montréal, C.P. 6079, succ. Centre-ville, Montréal (Québec), H3C 3A7, Canada

Abstract: The literature agrees on the importance of integrated risk management (IRM) to address the challenges posed by emerging risks. However, many organisations that attempt to implement an IRM initiative experience deep frustrations because they simply cannot succeed despite the devotion of energy and resources. Indeed, although the literature is fairly rich on the topic, we find few documents that give practitioners an explanation (neither brief nor comprehensive) of emerging risks, how their management is different from that of traditional risks, or the explicit implications for organisations implementing an IRM initiative. Based on a literature review, the objective of this paper is to fill this gap by providing practitioners with a better understanding of traditional and emerging risks and the differences between them. Building on this understanding, we explain the challenges associated with managing emerging risks and why traditional approaches to risk management (RM) are limited when faced with these challenges.

Keywords: emerging risk; framework; governance; IRM; integrated risk management; social constructivism.

DOI: 10.1504/IJRAM.2023.139015

International Journal of Risk Assessment and Management, 2023 Vol.26 No.2, pp.175 - 195

Received: 23 Mar 2023
Accepted: 15 Feb 2024
Published online: 07 Jun 2024 *

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