NEW YORK (November 2, 2023) — The use of scenario planning can uncover threats and opportunities, evaluate uncertainties and potential outcomes, and prioritize response plans, which ultimately leads to improved decision-making and greater operational success, according to RIMS new executive report titled, “Managing Alternate Futures with Scenario Planning.”
Released at RIMS ERM Conference 2023 in Denver, the report guides risk professionals through the scenario planning journey, highlighting critical steps, key considerations, an analysis of scenario planning types, as well as case studies. The report explores the following three phases of scenario planning implementation:
- PREPARE: Defining the processes’ scope, conducting research, and selecting a methodology.
- EXECUTE: Engaging the right stakeholders, applying the chosen methodology, and creating scenarios.
- MONITOR: Validating and measuring findings, testing assumptions, and identifying leading indicators and building a strategy.
“A strategically-oriented, disciplined scenario planning process can help an organization bolster achievement of its goals, while strengthening its ability to be resilient,” the report notes. “Risk professionals can play an important role as scenario planning drivers and process integrators in support of decision makers.”
Additionally, the report explores the opportunities that generative artificial intelligence tools can add to scenario planning endeavors.
“Many risk professionals work in resource-constrained environments,” the report adds. “Implementing artificial intelligence tools can help risk professionals deliver a comprehensive scenario planning experience.”
The “Managing Alternate Futures with Scenario Planning” executive report was developed by members of RIMS Strategic and Enterprise Risk Management Council. Its authors are Tom Easthope and Carol Fox. Its contributors are Denise Sobczak (project lead), Melissa Reynard and Lisanne Sison.
The “Managing Alternate Futures with Scenario Planning” report is exclusively available to RIMS ERM Conference attendees and members only for the next 60 days. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For information about RIMS wide selection of risk management publications, learning experiences and events, visit www.RIMS.org.
About RIMSRIMS, the risk management society®️, empowers risk professionals to make the world safer, more secure, and more sustainable. Through networking, professional development, certification, advocacy, and research, RIMS and its 80 chapters serves more than 200,000 risk practitioners and business leaders from over 75 countries. Founded in 1950, the Society publishes the award-winning Risk Management Magazine and produces RISKWORLD®️, the largest annual gathering of global risk professionals. RIMS embraces diversity, equity and inclusion and welcomes all risk professionals to connect and learn, explore the online Risk Knowledge library, tune into the RIMScast podcast series, and engage via LinkedIn, Twitter, and Facebook. To learn more, visit www.RIMS.org.
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