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Extreme Weather Events Rank Among Top Enterprise Risks
According to Gartner's latest quarterly emerging risk report, extreme weather events have now entered the top 10 risks facing organizations globally. The research firm warns that these events are becoming increasingly frequent and destructive, posing significant challenges to enterprise risk management (ERM) teams worldwide.
Assessing Organizational Preparedness
Gartner experts recommend that ERM teams conduct thorough assessments of organizational readiness for extreme weather scenarios. This involves interviewing key stakeholders and risk owners to evaluate three critical capabilities: visibility, agility, and resilience. Visibility refers to the organization's awareness of potential risks, including understanding third-party vendor exposure and maintaining comprehensive facility lists in at-risk areas.
Developing Effective Key Risk Indicators
The development of meaningful Key Risk Indicators (KRIs) is essential for effective risk management. Gartner advises that KRIs should be based on long-term, relevant data and directly tied to strategic objectives. Rather than tracking general metrics, organizations should focus on specific business risks such as asset values in flood-prone regions or percentage of working hours lost due to weather disruptions.
Actionable Reporting and Mitigation Planning
ERM teams play a crucial role in reporting actionable information to stakeholders and supporting the development of preliminary mitigation plans. Gartner recommends providing reasonable estimates of potential financial impacts and suggesting "low-regret" actions that can be implemented immediately. These might include localized adaptation measures, supplier diversification, or site-specific protection enhancements.
Conference Insights and Expert Guidance
The Gartner Enterprise Risk, Audit & Compliance Conference, scheduled for September 8-9, 2025, in Grapevine, Texas, will address these challenges in depth. The event will cover critical topics including third-party risk management, business risk ownership, and emerging risk landscapes.
