INTeg-Risk Project : an overview of the results of 17 emerging risk representative applications
Abstract
iNTeg-Risk has adopted a pragmatic yet unusual approach for the development of a new integrated emerging risk management framework. The project started with 17 emerging risk representative applications (ERRAs), each of them attempting to solve a series of specifie emerging risk issues. In pa ralle!, the project started developing and integrating its main concepts and methodological frameworks. An initial analysis had confirmed that the sum of the emerging risk issues addressed in the ERRAs was covering the main aspects of integrated risk management as described in the IRGC risk governance framework. The objective was to develop a series of specifie innovative solutions applying good risk management principles and then elaborate more generic and integrated solutions based on this initial set of good innovative practices. Two years after the beginning of the project, the ERRAs have achieved their initial objective. This paper presents a summary of their main results. These results are organized and interpreted in view of the main methodological and conceptual results of the project. The paper explores the definitions of emerging risk adopted by the ERRAs. Then it illustrates the various steps of the risk governance process with example solutions developed in the ERRAs. At last, an analysis of the various types of KPI developed by the ERRAs and the ir possible use in the Emerging risk management is proposed.