Redefine Risk in the Face of the Unknown

In the past, organizations have practiced agility more than anything else because it is easy to simply pivot and put out small fires as they arise.

But with the world facing a global pandemic, statewide lock downs here in the United States, and a once booming economy now seemingly frozen in time, organizations both large and small are caught in the blaze as those small fires are now an uncontrollable inferno of a great unknown.

So what should you and your organization do to redefine risk in a time like now? Before all else, you must implement an Anticipatory mindset and pay attention to the Hard Trends shaping the future. In this case, that this virus will end and the economy will bounce back, so you should innovate with the intent to positively disrupt this rather negative situation at hand.

Risk Management Redefined

No matter its core philosophy, every organization recognizes that an element of risk is necessary for success, which is especially true when it comes to innovation.

But now, risk has a whole new meaning. With the economy shutting down before our very eyes due to COVID-19, there is an inherent risk in putting money towards innovation in a time like this and a worry that you won’t make it back.