Risk. It’s difficult to imagine one word has such as impact on our behavior and mindset. The word encompasses and conjures many implications; the potential for harm; that vigilance is required; that all might be not quiet on the Western front (so to speak). At the other extreme end of the spectrum, what may be considered the Homer Simpson “Doh!” world of risk; not knowing or understanding what risk means for any organization until it occurs, could be just as disastrous as
As you can imagine, that one word, with its myriad of implications, has affected the way enterprises conduct their day-to-day operations. Individuals such as Compliance Officers, Risk Managers, et al are professionals dedicated to seeking out and mitigating risks, but only when these roles are present in an organization. You’d be surprised how many organizations don’t have dedicated individuals that fill these roles. Most wear multiple hats. Policies, oversight, procedures, processes, firewalls, and numerous activities and strategies are put into place to counter this omnipresent concept; Risk.
However, despite all the efforts to mitigate
d and reduce risk, it can never fully be
eliminated. The term itself implies a nebulous characteristic-
you never really know who, what, when, where, or why certain adverse events may
occur- unless your name happens to be Nostradomous. The
best an organization can do, is prepare itself with the best and most flexible
tools the marketplace can offer, in order to minimize organizational risk and
respond to an ever changing business environment.