Identifying strategic risks

August 8, 2022

Preparing for the unknown

The humanitarian catastrophe in the Ukraine has highlighted the importance for businesses and their boards to plan for uncertainty and mitigate future risks by having contingency plans in place.

A thought leadership article published by ICAEW is highlighting the role that scenario planning can play in helping prepare for the unknown.

The article explores the benefits of not only exploring long-term scenarios and identifies that:

  1. The more uncertainty a business faces, the more useful scenario planning has the potential to be.
  2. The current rapidly changing environment means that companies may wish to develop short-term scenarios that model various outcomes.
  3. Similarly, use of short-term scenario planning is of particular use to businesses that operate in highly dynamic, high-risk environments.

Is your business exploring short-term scenarios to support your efforts in strategic foresight?

Read more here.

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