Risk Management

Risk Management

Risks are short- to mid-term threats that could disrupt or affect your business. Through identifying, monitoring and lowering their impact through appropriate measures, their damage can be eliminated or significantly reduced.

Our Risk Heat approach

  • 40
    Prevent
    Determine risk profiles for identification.
  • 30
    Reduce
    Evaluate risks and their impacts.
  • 20
    Lay-off
    Counter measure and define strategies.
  • 10
    Accept
    Monitor risk for early warning detection.

What is Risk Management?

VUCA stands for Volatile, Uncertain, Complex, and Ambiguous - a synonym for the daily business environment in which we operate. High impact events and their consequences, such as the financial crisis, demonstrate that a new way of thinking about risks and their management is needed. Instead of trying to forecast unpredictable risks, new analytical frameworks are needed with longer time frames for strategic planning. Big data and diverse expert knowledge allow us to combine real-time insights with strategic implications in an agile way.

The Foresight Strategy Cockpit risk management module

The Foresight Strategy Cockpit Risk Module combines data and expert knowledge in one collaborative environment to manage each state of risks. Furthermore, the Foresight Strategy Cockpit (FSC) entails an indicator and risk database as well as access to media analysis to monitor developments in Real-Time.
THE RISKS OF RISK MANAGEMENT

THE RISKS OF RISK MANAGEMENT

Companies and public institutions are operating in a complicated and volatile environment, where new risks are constantly evolving, while others are changing direction with meaningful impacts. Our approach consists of different phases reflecting the strategic vulnerability of a risks, while considering its unique aspects:

Layers Architecture — Risks and opportunities should be analyzed from different perspectives.

Constant Movement — An efficient monitoring over time and with data to back it up is often missing.

Independences — Risks have an influence on each other and are shaped by alternative future outcomes.

Collaborative risk management

With the FSC, the amount of coordination and programs needed to manage risks and signals are reduced to one. Through a holistic aggregation of internal information, external expert knowledge and data-driven insights, analysts can collectively contribute to the assessment of relevant risks and their strategic impacts. All insights created can be exported as ready-to-use reports just by the click of a button.

Collaborative risk management
Early crisis detection

Early crisis detection

Bringing together qualitative data from media analysis and quantitative indicators, analysts can monitor the stability and development of risks in real-time. With that, the stability of a country or business sector can be monitored to detect triggers or preventers that may be relevant for future crises and risk management.

Our values in short

Our values in short

  • Collaborative risk management
  • Browser Add-on and App for faster integration of relevant pieces of information
  • Risk-Monitoring in real-time
  • Automated Reporting functions for fast communication
  • Fully supported and trained by our Foresight experts

FSC Modules

FSC Modules

Through strategic foresight methods such as Trend Management and Scenario Construction, we can reduce the complexity and uncertainty of a rapidly changing globalized world.

Fact Sheet

  • All-in-one Foresight platform for unlimited users
  • Modular and web-based system
  • Combines qualitative and quantitative data
  • Various data visualizations
  • Real-time data and expert integration
  • Online team collaboration
  • State-of-the-art technology and security standards
  • Supports teams of futurists and scouts for future knowledge aggregation

Overview of all Methods

You can download a complete list of our methods here.
  • Reduce the amount of coordination and programs needed to manage trends and signals to a single software solution. Through a holistic aggregation of internal information, external expert knowledge and data-driven insights, every unit can collectively contribute to the assessment of relevant trends and their developments.
  • Collaboratively discuss and rate ideas and other insights. New ideas can be easily created, edited and updated and if necessary, external knowledge can be included through survey methods.
  • Monitor the stability and development of risks in VUCA environments and detect triggers and preventers for future crises.
  • Establish and maintain a sustainable and efficient scenario management by including, linking and analysing all your organizational knowledge resources.
  • Develop agile and future robust strategies and test them in different scenarios in order to be able to react quickly and appropriately to environmental changes.
  • Rate, discuss and explore feedback in real-time: Our web-based Real-Time Delphi (RTD) is an established method from Future Studies which combines quantitative and qualitative expert data to gain new insights.
  • Assign your technological know-how to business and market requirements, develop technology strategies and create tailor-made technology portfolios.

Summary

Changes are a constant in everyday life. This is true for people as well as companies. While not everything is always within our own control, one thing we can do, is to prepare ourselves in the best possible way – both as individuals and as an organisation. In specific terms, this can be achieved by means of risk management or risk analysis. These are important project management procedures that ensure that as few problems as possible occur during a project implementation. It helps to identify the main risks and define how to deal with them. Above all, it is important to become aware of each risk and to ensure that it is adequately managed. The probability of occurrence defines how big a threat is.

Providing an overview

Measures, methods and processes must be defined for each potential risk. In the event of an emergency, their activation is crucial in order to minimise the damage and to be able to meet the company's operational goals in the long term. For this purpose, a wide variety of tools can be systematically used in the risk management process.

A suitable tool in this context is a dashboard or cockpit such as offered within the Foresight Strategy Cockpit (FSC), which provides the risk manager or project management team with the necessary overview. By centrally recording all relevant data and processes, it enables companies to react to threats in a timely manner and thus to reduce future risks.


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Häufige Fragen und Antworten

An integrated risk management helps to identify risks and recognise dangers as a tool supported by the company management. The risk management process is a clearly defined method for understanding what opportunities and risks exist, how they might affect a project or organisation along with its business objectives, and what actions can be taken to respond to them. Components of risk management are:

1. Risk identification: The first step in the risk management process is to identify all events that may have a negative (risk) or positive (opportunity) impact on the objectives of the project. All items are compiled in a risk matrix. This should be done as precisely and detailed as possible to avoid damage in the future.  

2. Risk assessment: Risk management knows two types of risks: qualitative and quantitative risks. In a qualitative assessment, the degree of criticality is analysed based on the probability and impact of the event. A quantitative assessment analyses the financial impact or value of the event. Both are essential for a comprehensive assessment of risks and opportunities.

3. Risk management: To manage risks, an organisation must first define its strategies for dealing with risks. A strategy is developed, and measures are defined. The aim of the resulting risk treatment plan is to reduce the likelihood of the risk occurring and to reduce the impact of the risk. 

4. Risk monitoring and reporting: The opportunities and risks and the corresponding treatment plans must be monitored. Documentation ensures traceability. How often this is done depends on the criticality of the risk. Based on this analysis, a company's processes can then be refined and adapted on a continuous basis.

Potential risks can be clustered into different categories. These include corporate risks, operational risks, financial risks or compliance risks. Risks to a company's reputation or project risks can also lead to immense damage and even compromise the future of a company. In identifying, analysing, systematically assessing and managing these risks in a simple and timely manner, it is important to focus on the four fundamental pillars of every company.

1. People risks: People always contribute to the performance of a company, positively or negatively. They pose opportunities and risks. Risks related to people can impact - or cause - virtually every other risk within an organisation. Such is the case with compliance risks, where someone within an organisation inadvertently or intentionally fails to comply with certain regulations, standards, norms or other benchmarks and requirements. In practice, this has negative consequences for business processes and can lead to reputational damage.  2. Process risks: In the fundamentals of risk management, there is repeated talk of process risks. With good reason: If important business processes are not carried out properly, this almost invariably leads to a strategic risk for a company. Especially in times of increasingly complex processes and operational procedures, it is important to analyse every process component both internally and externally.

2. Process risks: In the fundamentals of risk management, there is repeated talk of process risks. With good reason: If important business processes are not carried out properly, this almost invariably leads to a strategic risk for a company. Especially in times of increasingly complex processes and operational procedures, it is important to analyse every process component both internally and externally.

3. Technological risks: The introduction of new technologies is always associated with opportunities and risks. Technologies can make a project a success, but they can also make implementation more difficult or even jeopardise security. Cyber security in particular is a crucial factor for companies. The growing number of data thefts and other cyber-attacks is one of the major risks for companies in the age of digitalisation.  

4. Location-related risks: Changes in the world of work and advances in technology are making hybrid workforces a reality. Remote work or home office arrangements are starting to become a rule rather than an exception. This is an opportunity for companies, but it also poses risks. It raises the question of how long a large proportion of employees can work remotely without the face-to-face collaboration that an office environment brings. In addition, every mobile access point is also a potential gateway for malware.

The assessment of risks is fundamental for companies and their management to evaluate the safety of their own projects, processes, facilities and strategies. Only those who know the probability of occurrence and take measures to identify and control risks have a prospect of success. Threats can never be completely prevented but accurate assessments can minimise their impacts and prevent damage in the event of an emergency. This requires, above all, a holistic identification of risks and the correlation between individual factors. Those who identify potential dangers can create more successful opportunities for their organisation and a better and long-term outlook

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Selection of References
  • AIRBUS
  • European Environment Agency - European Union
  • Techniker Krankenkasse
  • European Commission
  • Bundesministerium für Digitalisierung und Wirtschaftsstandort
  • Melde- und Analysestelle Informationssicherung MELANI
  • NATO – North Atlantic Treaty Organization
  • Bundesministerium für Landesverteidigung
  • Kuratorium Sicheres Österreich
  • SOS-Kinderdorf
  • smart parking in Dubai - Roads and Transport Authority
  • AIT Austrian Institute of Technology