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- Challenge conventional thought processes; willingness to challenge the status quo is an essential trait of risk leaders in a robust risk culture.
- Identify and assess risks by leveraging exposure-specific methods that are well-known to the company's subject matter experts/risk owners.
- Balance the internal and external views, acknowledging that many emerging risks will be well outside the confines of the company's historical risk experience or paradigm.
- Manage emerging risks with a well-designed, board-approved strategy tailored to the unique risk appetite and levels of risk tolerance within your organization.
- Ensure that your risk monitoring and review activities are rigorous and regularly re-validated so that you can make timely decisions when it's necessary to take action.
- Ensure that your board is regularly apprised of relevant emerging risks that could materially threaten the strategic plan.
See also:
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