The Role of Risk in Business Growth
Business leaders often feel they need to hold the torch in terms of identifying and assessing business risks, reminding themselves and leadership teams to periodically raise their head and cast their eyes for potential internal and external threats. By developing and nurturing the skill and attribute of ‘risk intelligence’ in all individuals, not just leaders, businesses can start to move towards a culture that is more agile and ‘risk aware’.
Sharing of the specific types of risks faced by the business and the progressive up skilling of risk intelligence within the workforce can shift the business towards a shared responsibility for risk management. Dr Gav Schneider of Risk 2 Solutions explains;
The challenge in moving forward is to take the concept of Risk Intelligence, often observed at a micromanagement level, and to actively embrace it at a macro or organisational level- thereby facilitating the flexibility and empowerment required to realise true organisational innovation, growth and expansion. Dr Gav Schneider, CEO, Risk 2 Solutions
“People with well-developed risk intelligence are able to:
• manage self;
• lead and empower those around them to achieve; and
• drive high-reliability organisational performance.”
(Risk Management Today, May 2017).
The full version of the article ‘What is risk intelligence?’ authored by Dr Gav Schneider and Kate Down of Risk 2 Solutions and Dr Paul Johnston of Australian Catholic University can be found in ‘Risk Management Today’ May 2017, pg.43. This is available through the National Library of Australia or on Lexis Nexis.
Dr Gav Schneider is an acknowledged leader in the field of human-based risk management and The Psychology of Risk. To discover more of his renowned work and insights visit Risk 2 Solutions.