Setting an Effective External Risk Management Program by Famien Konan
A featured article of our January 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
Unlike preventable and strategy risks, external risks are beyond an organization’s influence or control. Examples include natural disasters such as the 2010 Iceland volcano eruption, major macroeconomic shifts, and political violence including terrorism. Because organizations cannot prevent such events from occurring, the risk management emphasis is on identifying them, and figuring out through scenario planning and stress testing how best to mitigate their impact in the event they occur.
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