Identifying strategic risks

Preparing for the unknown

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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.

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

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

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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.

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

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Read more here.