Some other factors that could create the next rogue wave for businesses include political instability, changes in market trends, shifts in consumer behavior, financial risks, operational risks, external risks, and systemic risks. It's also important to consider the impact of emerging technologies and demographic changes. Training junior staff to identify these risks and building an indicators dashboard can also help businesses prepare for these potential rogue waves.
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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Horizon scanning Identify the top ten economic, technological and social undercurrents that could create the next rogue wave and impact your business. These could include trends like changing demographics in the West, the rise of Asia and the impact of emerging technologies like 5G and IoT. For each of them, list the high impact changes in politics, markets and consumer behavior they could cause. Identify implications for your organization After you have listed the significant undercurrents relevant to your business, identify the risks and opportunities they could create. Risk can be modeled using the FOES Framework: Financial Risk, Operational Risk, External Risk and Systemic Risk. Since your junior staff is closest to ground reality, train them to keep a lookout for the right issues and install organizational mechanisms to ensure warnings are heeded. Identify response window and build an indicators dashboard Your response window is the period between the earliest time the changes be...
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