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(Re) Defining Emerging Risks

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  • Chabane Mazri

Abstract

The concept of emergence in risk management can be seen as a revealing symptom of the increasing need for organizations to update their portfolio of risks and opportunities in a rapidly changing and highly competitive environment. Accordingly, the concept of emerging risks has been widely discussed in both scientific and business communities, with, however, a lack of agreement as to whether we should distinguish these risks from others and, if so, what should be the adopted approach for their governance. After reviewing a large set of definitions and conceptions of emerging risks, this article aims at exploring the existence of distinctive features allowing the characterization of a risk as emerging or not. First, we will demonstrate that the features used in the various definitions are ineffective to achieve this distinction. Furthermore, we will argue that all events and consequences associated with risks are or have been states of nature that emerged from complex interactions involving combinations of hazardous activities and stakes. Accordingly, emerging risks are no longer a specific category of risks; they are rather an early step in every risk life cycle that deserves specific governance approaches.

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  • Chabane Mazri, 2017. "(Re) Defining Emerging Risks," Risk Analysis, John Wiley & Sons, vol. 37(11), pages 2053-2065, November.
    • Handle: RePEc:wly:riskan:v:37:y:2017:i:11:p:2053-2065
    DOI: 10.1111/risa.12759
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    References listed on IDEAS

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    Cited by:

    1. Khara D. Grieger & Tyler Felgenhauer & Ortwin Renn & Jonathan Wiener & Mark Borsuk, 2019. "Emerging risk governance for stratospheric aerosol injection as a climate management technology," Environment Systems and Decisions, Springer, vol. 39(4), pages 371-382, December.
    2. Julie Shortridge & Janey Smith Camp, 2019. "Addressing Climate Change as an Emerging Risk to Infrastructure Systems," Risk Analysis, John Wiley & Sons, vol. 39(5), pages 959-967, May.
    3. Raphael Iten & Joël Wagner & Angela Zeier Röschmann, 2021. "On the Identification, Evaluation and Treatment of Risks in Smart Homes: A Systematic Literature Review," Risks, MDPI, vol. 9(6), pages 1-30, June.

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