During a recent client meeting, I addressed the veritable ‘white elephant in the room’ with this question:
Exactly what risks are associated with this decision?
And the echo of the awkward silence that ensued was deafening…
Many business fail to comprehensively evaluate the risks associated with their decisions.
It’s one thing to acknowledge that your business decisions require a level of risk, but it’s another thing to discuss the risks; to scrutinise and interrogate them. Unforeseen risks can have significant tangible and intangible business costs. After all, if you don’t assess the risks tethered to your decisions, how can you then create strategic risk minimisation plans?