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Building Risk Agility

Building Risk Agility. Improving organizational risk agility requires changes to risk identification, assessment, and response behaviors. Three Steps to Risk Agility Organizations Should Incorporate Agility into All Aspects of the Risk Management Process. Timeline of a Risk Event.

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Building Risk Agility

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  1. Building Risk Agility Improving organizational risk agility requires changes to risk identification, assessment, and response behaviors. Three Steps to Risk Agility Organizations Should Incorporate Agility into All Aspects of the Risk Management Process Timeline of a Risk Event Risk Identification Risk Assessment Resource Mobilization Traditional identification is a largely static and calendar-driven process, reliant on lagging indicators and the knowledge of a few individuals. Traditional risk assessments, which focus on impact and likelihood, fail to take into account the velocity of risk and may be outpaced by swiftly emerging risks. Traditional resource allocation is calendar-driven, thus budgets and resource allocation decisions quickly become obsolete in the face of a changing business environment. Early Risk Detection Use forward-looking risk indicators and prediction markets to swiftly identify emerging risks. Risk Velocity Sensing Consider the speed at which risks will impact the organization when prioritizing and escalating risks. Rapid Resource Mobilization Use scenario planning to ensure budgets and resource allocation decisions stay relevant to a changing environment.

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