A business can identify potential threats by conducting a horizon scanning to identify the top ten economic, technological, and social undercurrents that could impact the business. These could include trends like changing demographics, the rise of Asia, and the impact of emerging technologies. The business should then identify the risks and opportunities these undercurrents could create. This can be done using the FOES Framework: Financial Risk, Operational Risk, External Risk, and Systemic Risk. Training junior staff to keep a lookout for the right issues and installing organizational mechanisms to ensure warnings are heeded can also help in identifying potential threats.
How do you prepare your business for black swan events like pandemics or financial crises? Rogue Wav...
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