By now most people have heard that we are living in an age which is being commonly referred to as the Fourth Industrial Revolution. The Fourth Industrial Revolution (or Industry v4.0) is the term introduced by the World Economic Forum to try and explain how rapidly emerging technologies are collectively re-shaping our global consciousness, our social behaviours, our preferred politics, the cities we will live in, our places of work, our management practices and even our future careers.
Consider how the telephone (1876) took almost 70 years to attract 100 million customers globally, whereas Facebook (2004) achieved that many users in five years and Candy Crush (2012) in only three. The fact is our technology enabled world is evolving so rapidly that during a future Industry v4.0 we should expect to see start-up organisations emerge that can attract a 100 million customers in less than a year and a billion customers within three.
Clearly. when an industry’s leading players can come under significant competitive threat in less than a year by organisations and products that don’t even yet exist, the impacts are certain to be highly disruptive. This in turn begs the natural question; what risk management knowledge, skills, methods and tools will be required in a complex, system driven working world experiencing ever increasing frequencies of disruptive change?
More to the point, what does a future Risk Management Version 4.0 look like?