Risk Analysis & Risk Management

Q: What is risk analysis?

Risk analysis is a technique used to identify and assess internal or external factors that could jeopardize the success or progress of a project, initiative, or entire organization. This includes determining the likelihood of a risk occurring, the extent of its potential impact, and balanced risk mitigation.

Why is risk analysis important?

From global disruptors such as climate change, market fluctuations and global pandemics to minor, constant changes in business models, customer demographics and employee expectations, the pace of change is increasing. Analyzing and managing risks is becoming increasingly important for any organization.

Strategic risk analysis is a technique used to identify and assess internal or external factors that could jeopardize the success or progress of a project, initiative, or entire organization. This includes determining the likelihood of a risk occurring, the extent of its potential impact, and balanced risk mitigation.

Explore risks and early signals of change

Monitor your corporate landscape to recognize future disruptions early. Use the ITONICS AI-enabled signals feed to scan millions of data points from news, patents, publications, and RSS Feeds. Cut through the noise with auto-filter feeds. Track developments over time to adapt to changing environments early on.

Reduce the human effort required to spot and monitor important risks. Save time by allowing distributed teams to scout on the same system and build cross-functional innovation ecosystems. Identify risks that have potential impact—short, mid, and long term.

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Evaluate the impact of risks with your risk radar

Find answers to the most pressing questions:

How much do the identified risks impact my business - and when?
How significant are the underlying factors?
Do we have to prioritize the risks differently?
How do we assess them in relation to our organization?

Get internal or external experts to rate risks on the ITONICS Risk Radar and gain perspective with visualizations based on the rating results. Getting different perspectives helps validate insights and informs your mitigation strategy.

With a Risk Radar, you can map dependencies to understand where disruptions might arise and impact your business. Detect emerging risk areas, blind spots, and opportunity spaces.

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Balance mitigation and opportunity

Spotting potential risks is not enough. Decision makers need to mitigate potential threats proactively. Data-driven business decisions become possible when risks are analyzed, evaluated, and constantly monitored and updated. Combine risks, trends, emerging technologies, and internal capabilities in different scenarios on a Matrix view to help you prioritize the right actions and their timing.

For successful risk management, activate internal teams to get involved in ideating for your next big transformation that will respond to future risks and opportunities. Use ITONICS Campaigns to source idea submissions from internal and external submitters. Create the space for win-win innovation collaborations between business units and external partners, and startups.

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Build viable innovation roadmaps and steer strategy execution

To reduce the impact, severity, and probability of risks, you need to define, implement, and track a set of mitigation strategies and counteractions.

What can be done about the risks?
What are suitable measures to avoid, transfer, eliminate or share the risks or reduce them to an acceptable level?
When do we implement the identified strategies?
How can we better prepare and protect our business in the future?

Plan projects using Kanban boards and keep management in the loop on changing developments. Move innovation projects to implementation and execution on one platform. Use the ITONICS Roadmap to visualize multi-layered projects and get everyone moving in the right direction.

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Manage trends, technologies, ideas and innovation projects in one platform

One solution to bring all your innovation efforts together, enrich it collaboratively and evaluate it across different views.

Overview of integrations with the ITONICS Innovation OS

Seamlessly integrate ITONICS into your existing IT infrastructure and applications for an enriched and more connected approach.

Insights and automation with the ITONICS Innovation OS

Save time with AI-enabled environmental scanning that sorts through masses of data so you can focus on what matters.

Evaluations and ratings of trends and technologies

Customizable criteria enable team members and external experts to rate content in a way that combines collective knowledge.

Configurable risk radar as early warning system

Establish an early-warning system with a risk radar to monitor threats to your company.

Configure radars for trends, technologies, startups and innovations

Configure the Radar view to suit your use case and highlight what’s important to your team.

Matrix view feature - ITONICS Innovation OS

Analyze your innovation portfolio by evaluating risk and potential with matrix visualizations.

Dashboards and reporting - ITONICS Innovation OS

Easily export reports and results to keep everyone in the loop to enhance strategic decision-making.

Software and features for managing innovation portfolios

Connect portfolios with strategy and inform priorities through project workflows, boards, budget planning, and reporting.

Roadmaps for innovation projects, technologies or products

Accelerate time-to-market with multilayer roadmaps. Align the efforts of different business units and execute your strategy.

Innovation Rockstars Podcast with Kara Cunzeman

About continuous foresight at the Aerospace Corporation

In this podcast episode, we welcome Kara Cunzeman, Senior Project Lead for Strategic Foresight at the Aerospace Corporation's Center for Space Policy and Strategy. We learn about successful strategic foresight and the importance of dreaming and envisioning.

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Innovation Rockstars Podcast with Caroline Snyman

Distell_Group_Limited_Logo

The power of purpose led innovation

This Innovation Rockstars podcast episode features Caroline Snyman, Group Innovation Lead at Distell, one of South Africa's leading alcoholic beverages producers. She talks about the significant disruption the company experienced due to intense and unexpected pressure from the COVID-19 pandemic, and how the innovation department still managed to identify new opportunities.

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Innovation Rockstars Podcast with Thomas Boermans

Driving global energy transition through foresight

In this podcast episode, we welcome Thomas Boermans, Head of Foresight at E.ON and passionate Energy Transition Manager. In his role at E.ON, Thomas develops foresight based on trend and technology developments and provides strategic guidance to capture future opportunities and risks.

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Innovation Rockstars Podcast with Joanna Lepore

About the foresight formula at Mars Wrigley

In this episode, we learn how foresight helps focus thinking on three areas of tension: technological development, increasing competition, and changing consumer needs and behaviors. We explore how this approach enables a company like Mars Wrigley to identify and capitalize on opportunities for expansive growth.

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