Emerging Risk
What is Emerging Risk?
A new or evolving risk that may not be fully understood but has the potential to significantly impact an organization's objectives in the future.
Terms that appear alongside emerging risk
Each of these is named in at least one of the same controls as emerging risk. The number is how many controls name both.
- audit 5 shared controls
- risk identification 4 shared controls
- risk monitoring 3 shared controls
- risk assessment 3 shared controls
- benchmarking 3 shared controls
- governance 3 shared controls
- iso 31000 3 shared controls
- risk register 3 shared controls
Frameworks that govern emerging risk
What the standards actually require on emerging risk
Requirements naming emerging risk across 6 standards, quoted from the control text.
The framework's risk data aggregation and reporting policies, procedures and processes, appropriate to the bank's size, complexity and risk profile and supporting supervisory reporting, should provide for capturing and aggregating risk data and reporting mater...
occ-heightened-standards-12-cfr-part-30-appendix-d::II.J.2 · II.J.2 Timely aggregation and reporting of material and emerging risks →Establish a security program, tied to the formal Emergency Response Plan, that responds to security incidents, monitors for, discovers and handles security alerts and technical vulnerabilities, collects and analyses security data, limits the organisation's ris...
awwa-cybersecurity-guidance-for-the-water-sector-american-water-works-association::IR-2 · IR-2 Security program to handle alerts, vulnerabilities and emerging risk →Reserving assumptions are realistic, transparent and informed by history. Baseline: assumptions documented and justified against historical experience, not solely pricing or planning; validation where not derived from own data;
principles-for-doing-business-at-lloyd-s::P6.3 · 6.3 Realistic, transparent reserving assumptions that consider historical experience →The bank has an internal control framework, the responsibility of the board and senior management, that keeps an effectively controlled and tested operating environment for its risk profile with a forward-looking view (including climate-related and emerging ri...
basel-core-principles-for-effective-banking-supervision-2024::P26 · Principle 26: internal control and audit →Implement a comprehensive, proportionate framework covering all relevant technologies, setting cybersecurity objectives and competency requirements for staff (and where relevant users) and policies, processes and controls, with defence in depth, informed by in...
uae-virtual-asset-regulatory-authority-vara-regulations::TI-I.A · Technology and Information Rulebook I.A: Technology governance and risk assessment framework →The bank can generate aggregate risk data for a broad range of on-demand and ad hoc requests, including in stress, for changing internal needs and for supervisory queries, and to assess emerging risks, forecasting, stress testing and scenario analysis.
bcbs-239::P6 · Principle 6: adaptability of aggregation →Questions people ask about emerging risk
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