emerging-risks

Vocabulary Word

Definition

'Emerging risks' are like unexpected obstacles in a race. In a business or project, they are new threats or dangers that can harm your success, like sudden rule changes or a new competitor.

Examples in Different Contexts

In risk management, 'emerging risks' refer to new or evolving threats that could impact an organization's operations or reputation. A risk manager might advise, 'We need to continuously monitor for emerging risks, such as cybersecurity threats, to adapt our risk mitigation strategies accordingly.'

Practice Scenarios

Innovation

Scenario:

Introducing a new technology always has its uncertainties. We must be ready for any bumps in the road.

Response:

The emerging risks of this new tech may include unanticipated system errors, so lets prepare a backup plan.

Creative

Scenario:

Trends and tastes can change fast in this industry. Let's keep an eye on what's hot and what's not.

Response:

If we keep a close eye on emerging risks like shifting consumer preferences, we should adapt our marketing strategy accordingly.