Managing noise, change, and emerging risks

Tools that organizations can use today include: * Artificial intelligence (AI) and big data. * Black swan workshops. * Bowtie analysis. * Crowdsourcing employees' ideas on risks. * Decision tree analysis. * Key risk indicators. * Predictive analytics. * Statistical modeling. * Strategic disrupt...

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Bibliographic Details
Published in:Journal of Accountancy 2021-11, Vol.232 (5), p.10-14
Main Authors: Walker, Paul L, Irving, James H
Format: Article
Language:English
Subjects:
Airports
Annual reports
Big Data
Business models
Chief executive officers
Climate change
Coronaviruses
COVID-19
Crowdsourcing
Customer feedback
Employees
Enterprise risk management
Executives
Noise
Pandemics
Social networks
Stakeholders
Supply chains
Trends
Workshops
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Summary:Tools that organizations can use today include: * Artificial intelligence (AI) and big data. * Black swan workshops. * Bowtie analysis. * Crowdsourcing employees' ideas on risks. * Decision tree analysis. * Key risk indicators. * Predictive analytics. * Statistical modeling. * Strategic disruption workshops. * Subject-matter expert interviews, * Trend analysis. * War games. The sources for noise and emerging risks are numerous and include: * Compensation changes. * Competitor actions, including job postings. * Culture changes. * Customer feedback. * Empirical academic research. * Employee feedback and pulse surveys. * Industry conferences, reports, and trends. * Internal risk assessments. * Macroeconomic and geopolitical news. * Operational anomalies or incidents. * Patent filings. * Published risk surveys. * Regulatory actions. * Social media. * Startup and angel investor focus. * Strategic 1plans. * Whistleblowers. [...]organizations need to rethink their action plans on the more significant risks. [...]in its most recent annual report, the Sydney Airport discloses that its board "holds the Chief Executive Officer accountable for the management of risk within our risk management framework" (Sydney Airport 2019 Annual Report, p. 47, available at tinyurl.com/uuy5dhb).
ISSN:0021-8448
1945-0729