57% of senior-level executives feel they aren’t prepared to address “risk and compliance” in their organisation. From a leadership perspective, managing risk is fundamentally different from managing strategy. Risk management focuses on the negative threats and failures rather than opportunities and successes.
One the biggest challenges lies in the fact that managing risk is counter intuitive to the positive, “can do” culture that most leadership teams try to instil in their teams as a means of delivering their strategy.
Linked to this most leaders are reluctant to divert scarce resources to “hypothetical” scenarios, many of which might be beyond the organisation’s control e.g. pandemic.
Managers often struggle to rationalise the need to spend valuable time identifying the risks to the same growth strategies that they painstakingly formulated.
Having recognised the need to manage risk better the next challenge for leadership teams is how best to address the issue, not least because 69% of executives aren’t confident in their current approaches to risk management.
Invariably there is no “one size fits all” approach. Different threats will require different analytical approaches, be it stress testing different strategic or operational assumptions, scenario planning, longer range assumptions or war gaming to assess the business’s vulnerability to disruptive technologies or changes in competitors’ strategies.
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