Consultancy

Risk Register 2021

Risk Register 2021

The Risk Register is perhaps the most critical document in the risk management cycle.
It is the foundational document from which all other risk management activities flow. If there is an unwanted event that does escalate beyond what had been planned for or expected, then there is probably one of two options: Either the situation that triggered the event was not on the Risk Register (in which case, the question is, Why not?). Or it was on the risk register, but in some way the organisation misunderstood the scale, nature or potential impact of such an event.

In the Covid-19 world, the nature of the risk register has changed, and if an organisation is engaging with the challenges set by the global risk environment of 2021-25 with a risk management approach based on pre-Covid models, the likelihood is that the vulnerabilities exposed by that will at some stage in the next five years become a critical failure point.

Models

The models below reflect the changing nature of strategic risk management for the coming years. Although we cannot influence or impact the external environment, we can certainly influence and impact the internal organisational capabilities that will allow that organisation to have an increased sensitivity to potential risks and threats, can engage with them earlier in the threat development cycle and can ensure that every aspect of the organisation (and not just the security or risk management department) is integrated into a cohesive risk management system.

Risk Register 2019

1. Terrorism

2. IT Failure

3. Earthquake

4. Ransomware Attack

5. Supply Chain Disruption

6. Reputational Risk

7. Market Change

8. Adverse Weather Events

9. Social Instability

Risk Register 2021

1. Unclear Roles and Responsibilities

2. Communication Failures

3. Inadequate Stakeholder Management

4. Lack of Crisis Management Testing and Validation

5. Poor Estimations

6. Lack of Integration

7. ‘Failure of Imagination’

8. Failure of Leadership Support

9. Failure to Learn Lessons

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