Thank you to Roger Nash and the IUA team for inviting me to speak today. I spoke about added phosphate in food and, carbon nanotubes. Having heard a brief narrative, the challenge to the audience was to form an opinion and then identify which key factor needs to be monitored if a new opinion of this risk is to be formed. There were many different answers. It is quite clear that the market is alive and well and that everyone would manage emerging risks in different ways. None of them wrong. By identifying a key factor, the support team could look out for it and be less distracted by the noise that usually surrounds these risks. Given similar briefings on a range of current topics the never-ending list of emerging risks can soon be turned into a list of key changes, many of which will be shared with other risks. Correlated emerging risks would become more apparent.
With new risks proposed every week liability risk managers soon develop ways to filter out the noise. By adopting a systematic approach the filtering process can be refined in the light of feedback and can be inspected by the enterprise risk manager and others. A brief introduction to a systematic approach is provided here: Practical Emerging Risk . Once a subject has been evaluated by the risk manager, it doesn’t need to be re-evaluated until the trigger condition is satisfied. Practical Emerging Risk