Is no such thing as zero risk? Nor should there be. Join Anthony Aarons as he explores the human propensity to take risks has sent us to the moon, developed life-saving medicines, and is a key for our creativity.
But unmanaged risk can undermine business. There are ways to manage risk and there is an expectation that a leader takes a major role in risk mitigation’. In fact, every good leader will have a strategy to be able to achieve their vision while also managing the risk of failure.
The global standard framework for risk management has four key steps:
Identifying the hazard or threat.
Assessing the risk associated with that threat. (The risk is the likelihood of coming into contact with the hazard or threat, and the consequences if it happens.)
Putting controls in place to avoid the risk — or at least limit the damage it might cause.
Reviewing the controls to make sure they’re working; and improving them if they aren’t.