The FOES Framework is a model used to identify and categorize risks within an organization. It stands for Financial Risk, Operational Risk, External Risk, and Systemic Risk. Financial Risk involves financial transactions and the financial health of the organization. Operational Risk involves the day-to-day operations of the organization. External Risk involves factors outside the organization that could impact its operations or profitability. Systemic Risk involves risks that could affect the entire system within which the organization operates. This framework is used by organizations to identify potential risks and develop strategies to mitigate them.

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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.

Changes in consumer behavior due to these undercurrents can be predicted by identifying the top ten economic, technological, and social undercurrents that could impact your business. For each of them, list the high impact changes in politics, markets, and consumer behavior they could cause. After you have listed the significant undercurrents relevant to your business, identify the risks and opportunities they could create. Your junior staff, being closest to ground reality, can be trained to keep a lookout for the right issues and organizational mechanisms can be installed to ensure warnings are heeded.

Some other emerging technologies that could impact businesses include Artificial Intelligence (AI), Machine Learning (ML), Blockchain, Augmented Reality (AR), Virtual Reality (VR), and Robotics. These technologies are revolutionizing various industries by automating processes, enhancing customer experiences, and creating new ways of doing business.

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Rogue Waves

How do you prepare your business for black swan events like pandemics or financial crises? Rogue Wav...

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