Emerging risk sensing is the ability to forecast or foresee new risk trends in business and take steps to reduce the impact of emerging risks should one affect the organization. Some examples of emerging risks are age discrimination, global production quality issues, harassment, terrorism, lack of skilled and educated workers, and telecommuting.
These risks evolve over time and it is of great importance to prepare for them before business is directly affected by those risks. Some methods used to reduce these risks are insurance policies against emerging risks, developing plans to reduce exposure to these risks, increasing or adjusting controls to lessen effects of these risks or eliminate altogether if it is possible.
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It is necessary that risk can be detected ahead to prevent the occurrence of fraud or other irregularities in the organization.
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