The Dynamic Risk Assessment helps uncover which risks are most susceptible to being 'triggered' by changes within the risk network. Identifying these risks is essential for city leaders as they begin to think about how to mitigate the potential impacts of COVID-19.
Identifying the most vulnerable risks helps to determine critical risk mitigation leavers. This enables mitigation strategies to address the most effective leverage points and provide the greatest control over the entire risk system.
The recently conducted KPMG Dynamic Risk Assessment identified economic crisis as the most susceptible risk being triggered (in addition to being the most likely and sever risk). Following economic crisis, trust leadership and politics, and inequitable effects of the pandemic were identified. The next set of risks saw a steep drop in systemic vulnerability.
Identifying susceptible risks is a core element in developing effective mitigation strategies - understanding which risks are most susceptible helps develop plans which can address the challenges and potential outcomes.
To implement the most effective mitigation strategies however, it is key to determine the risks that have the greatest potential impact on the risk system. Which risks have the greatest potential impact on the city risk networks? Learn more about influential risks in the following article in this series: Most influential risks facing cities.