5.0 is an ambitious number. We are aware of discussions about Leadership 4.0 and are keen to extend conversations about transformation into our areas of interest. We are mindful of Web 3.0 concepts and recognise the potential of connected, ubiquitous knowledge networks to enable digital convergence.
We would like to add to that ambition today by sharing thoughts about Risk 4.0.
Risk Policy is the most sweeping regeneration of risk thinking since the Global Financial Crisis and the consequent calls by the World Economic Forum for new thinking about risk.
Risk Policy has redefined risk for today’s world to refer to the:
- Impacts of decisions and non-decisions
- Implications for trusted networks
- Implementation analysis in policy development
Risk Policy is pre-emptive and identifies strategic vulnerabilities that require protection against. This process often reveals significant, strategic opportunities.
Risk Policy operates before and separately from any consideration of risk management processes and, if carried out effectively, reduces the number and severity of risks and Wicked Problems.
Risk Policy advances require leaders to enter into a paradigm shift that recognises the world we live in today, where information resides in networks, enables early and more effective organisational decision-making. It signals a move away from organisational reactivity and crisis.
This approach to Risk Policy is promoted as Risk 4.0 by the Global Risk Policy Network led by ARPI and is being accepted by global resilience, strategic leadership and project management networks. We think this resonates with Leadership 4.0 in addressing digital convergence (O’Brien, 2018; Clark, 2018) and with Industry 4.0 in addressing information evolution and knowledge discovery.
More information about Risk 4.0 is available at the Australian Risk Policy Institute web site.