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Crises, climate change, artificial intelligence: the world is more dynamic than ever before - with direct consequences for risk management in companies. Networked risks do not act in isolation, but influence each other - for example, when geopolitical conflicts disrupt supply chains, resulting in financial risks, which in turn impact the operational business. Forecasting models based on data from the past are not enough today. Instead, forward-looking methods are needed, focussing on the interconnectedness of risks, their causes and effects. A lively risk culture that enables the ability to act quickly through dynamism and agility throughout the entire risk cycle is a basic prerequisite for this.

Whether pandemics, climate crises or systemic corruption - many risks are known, but their impact is underestimated. Our latest publication "Emerging Risks - Risk Management in a Turbulent World" shows how modern risk management can adapt to such developments - with agile processes, forward-looking analyses and a clear understanding of roles within the company.

In four theses:

• Relevant risk management is fast, future-orientated and thinks in a networked way. Identifying and analysing the effects quickly and with a focus on possible countermeasures - beyond silos.
• Institutions today need an emerging risk manager whose mindset supports agile decision-making
• (Emerging) risk management is a question of culture. Openness, creativity and critical thinking make the difference.
• Emerging risk management needs an active supervisory board or board of directors - as a driving force, it moves closer to operational risk management

At the centre is an "Emerging Risk Manager" (ERM). This person is not just an analyst, but also the interface between business, control and strategy. Integration into the governance structures is key - as is an agile risk cycle that adapts quickly to new scenarios.

Emerging risks, which often take on new forms of materialisation or include risks that are still poorly understood or are still developing, pose new challenges for risk management techniques. In order to identify and understand such events, it is not enough to think in terms of processes. Rather, it is a matter of recognising problem areas in a given situation, asking relevant questions and identifying the necessary players in order to identify answers and options for action. Dealing with these risks therefore goes hand in hand with conscious decisions and the implementation of appropriate measures - the management of emerging risks is therefore essentially also a question of (risk) culture.

Emerging risks require new answers. Our publication provides impulses on how organisations can adapt their risk strategies - in regulatory, organisational and cultural terms. Managing the future requires less control from yesterday - and more forward-looking intelligence.