Emerging Operational Risks

While pre-existing risks may feel amplified today, it’s important to focus on the new ones that are also arising. Be proactive and identify those new risks before they materialize using LogicManager’s Emerging Risks solution package.

What are “Emerging Operational Risks” (and why should I worry about them)?

Emerging risks can be difficult to predict. However, that doesn’t mean they’re unpredictable. It all starts with properly identifying what those risks are and responding to them accordingly. At LogicManager, we help our clients prepare for tomorrow’s surprises today by helping them imagine the unimaginable. Examining risks that could materialize tomorrow, next week or even 5 years from now is a critical best practice for protecting your organization.  

The only way to successfully mitigate risks that are not yet in your direct line of sight is to effectively communicate their importance to your employees and stakeholders. LogicManager’s easy-to-use Emerging Risks solution package helps you do just that; with an engaged workforce well-versed in your risk management efforts, your organization has a much stronger line of defense against emerging risks. 

Risks Of Ignoring Emerging Risks

Just because you’ve successfully mitigated existing risks at a particular point in time does not mean that no new risks will present themselves. This leaves your organization vulnerable to unexpected risks. If you’ve never imagined a scenario in which a risk occurred, you’re left without a plan and ultimately will be forced to solve problems through damage control. LogicManager’s Emerging Risk solution protects you from getting caught by surprise. 

If you’re unable to prove that you’ve taken the appropriate actions to identify risks, you could face regulatory penalties and even loss in shareholder value. A risk program like LogicManager that goes above and beyond static risk assessments provides you with protection against reputational damage and legal consequences.

Mitigate Emerging Risks with LogicManager

Proactively identify new risks

Company goals and key risks have drastically changed since the start of the COVID-19 pandemic. Our Emerging Risk solution allows employees at your organization to be proactive about identifying new risks they discover amidst today’s changing environment.

Reduce stress

Today’s environment is unprecedented, causing people everywhere to feel overwhelmed; especially when it comes to planning for the future. There are numerous new risks your organization is facing, while pre-existing risks are also amplified. LogicManager’s Emerging Risks solution allows you to stay on top of things easily, streamline processes, easily engage with colleagues and ultimately help you feel less overwhelmed.

Save time & money

Downstream, identifying emerging risks well before they get the chance to materialize helps you appropriately reallocate budget and resources. Without robust software, identifying these risks requires manual effort that takes time away from accomplishing strategic goals.

 

LogicManager’s Emerging Risks Solution

Here’s what you can expect with LogicManager’s Emerging Risks solution package:

  • The encrypted webform allows any employee at your organization to identify emerging risks and submit it within LogicManager. It ensures that all sensitive information about potential new risks are protected.
  • Keep a centralized repository of all identified risks, saving you time and energy hunting down specific references and resources.
  • Our robust workflow engine allows you to automate review processes to ensure the correct experts and stakeholders are involved whenever and wherever needed. The workflow enables you to designate responsibility, set clear deadlines and ensure the right actions are taken to mitigate risk. Automating your processes allows you to determine your more critical risks, update your risk library and risk assessments and gain a clear view of the current impacts on your company’s goals.
  • Leverage our Emerging Risks solution area directly to loop in necessary department owners and determine if new risks are distinct from existing ones.
  • Associate existing risks with new ones. For example: when considering the risks presented when virtually onboarding new employees, you’re able to pull in employee knowledge of company protocol and procedure.
  • Our Suggested Mitigation AI ensures that when a control is in place for one risk, you’ll automatically receive a suggestion for which controls to use for a new risk, helping you to mitigate by leveraging work you’ve already done.
  • Report on what risks have been identified over a certain period of time, identifying root causes, trends, and insight into how to improve your current processes and strengthen your controls.
    • Our Incident Dashboard is a report that allows you to identify trends in emerging risks. This will help you determine any underlying systemic issues that need to be addressed.
    • The Incident Table Report shows an overall view of the emerging risks and all applicable details. This way, you have a holistic view of all risks you’re facing at once.

Request a Free Demo Of LogicManager’s
Emerging Operational Risks Tools

Stay on top of emerging risks at your organization with a comprehensive, customizable and adaptable solution. Want to see how LogicManager’s Emerging Risks solution package can transform your business? Request a free demo today.