What is the FOES Framework and how is it used to model risk?

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.