Make Everyone a Risk Manager

Harvard Business Review

By the nature of their work, people at The University of California, where I serve as Chief Risk Officer, are risk takers. Their risk appetite is amplified by an urgency or impatience to "get the job done," a belief that they have all the information they need and therefore don't need the assistance or interference of others, and a feeling that if all of the potential risks were uncovered, they would not be allowed to proceed. UC manages three U.S.

Managers: What’s Your Plan B?

Lead Change Blog

For career and business success, it’s worth pursuing a middle ground—one where we take calculated risks but have a fallback strategy in case Plan A craters. Leadership Coaching contingency planning Leadership Leadville Lessons from History Management mining paradigm shift risk managementSome people miss out on life’s opportunities. They freeze themselves into inaction by overthinking worst-case scenarios and shying away from imagined calamities.

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The Big Picture of Business – Each Role Matters. The Value of Support Staff

Strategy Driven

She was the model for executive assistants and office managers everywhere. Some performers made careers as supporting players. Those vital employees in the business world might include the IT guy, the receptionist, the mailroom manager, the ethics adviser and the secretary to the Board of Directors. Here are some characteristics of support personnel and rising stars who will make it as professionals and business leaders: Act as though they will one day be management.

The Big Picture of Business – Entrepreneurs’ Guideposts to Real Business Success

Strategy Driven

Make an equitable blend of ambition and desire: Fine-tuning one’s career is an admirable and necessary process. There are no fast-forward buttons or skipping steps inn developing an effective organization, just as there are no shortcuts in formulating a career and Body of Work. There are many romantic notions about entrepreneurship. There are many misconceptions. People hear about entrepreneurism and think it is for them.

The Big Picture of Business – Pave and Refine the Company Way, Corporate Culture

Strategy Driven

Above that, Customer Focused Management needs to be implemented, meaning that all actions and decisions should be tied to customer outcomes. Where mid-managers buy the hype of the marketing slogans but stonewall the progress that would enable the company to live up to its claims. Since 92% of all problems in companies stem from poor management decisions, do a better job of training managers to be leaders.

Mentoring and Lifelong Learning

Strategy Driven

I have had many excellent ones in my long career and have in turn mentored hundreds of others. The mentor becomes a role model, offering insights about their own life-career. The mentor stands for mentees throughout their careers and celebrates their successes. If you cannot take the dirtiest job in any company and do it yourself, then you will never become “management.” ” Approach your career as a body of work.

The Big Picture of Business – Cut the Weeds: Focus on Priorities and Strategy, Avoid the Time Zappers

Strategy Driven

What types of ‘wild goose chases’ have you pursued in your networking career? Practices for Professionals Big Picture of Business budget development budgeting business big picture business leadership business management Business Tree consultant Corporate Speaker crisis management goal setting hank moore keynote speaker marketing and sales operational risk management risk management Strategic Planning strategydriven The Big Picture of Business the business tree

The Big Picture of Business – Communications Reflect Your Strategy

Strategy Driven

Rather than risk going out on a limb, employees either don’t learn or use their communication skills. The wise employee has the building of knowledge a part of their career path… sharing with others what we most recently and most effectively learn. Managers and employees with the most to lose are most fearful of change. Tie activities to customer outcomes (the tenet of Customer Focused Management).

The Big Picture of Business – Doing Your Best Work on Deadlines: Mobilizing the Energy for Best Business Success

Strategy Driven

In it, Bogey reprised the 1930’s Broadway hit and movie that launched his career. Practices for Professionals Big Picture of Business budget development budgeting business big picture business leadership business management Business Tree consultant Corporate Speaker crisis management goal setting hank moore keynote speaker marketing and sales operational risk management risk management Strategic Planning strategydriven The Big Picture of Business the business tree

Value-Added Leadership

Strategy Driven

This ladder holds true for managers and employees within the organization, as well as outside consultants brought in. When all succeed, then profitability is much higher and more sustained than under the Hard Nose management style. Managers and employees begin seeing themselves as leaders and grow steadily into those roles. Business is run economically and efficiently, with excellent accounting procedures, payables-receivables practices and cash management.

The Big Picture of Business – Becoming a Legend

Strategy Driven

The art with which we build our careers and our legacy is a journey that benefits many others along the way. I remarked to Sonny that I often quoted his song “The Beat Goes On” as analogous to change management, and he was pleased. Understands that careers evolve. As an integrated process of life skills, career has its place. Are you a legend? Do you admire people who went the distance? Have you celebrated organizations that succeeded?

3 Things All Business Owners Need to Know About Risk-Taking

Strategy Driven

As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. Here’s are three things that you, as a business owner, need to know about the taking of risks: 1. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong. More to the point, why not take a bit of a risk?

The Big Picture of Business – Doing Your Best Work on Deadlines: Mobilizing the Energy for Best Business Success

Strategy Driven

In it, Bogey reprised the 1930’s Broadway hit and movie that launched his career. Practices for Professionals Big Picture of Business budget development budgeting business big picture business leadership business management Business Tree consultant Corporate Speaker crisis management goal setting hank moore keynote speaker marketing and sales operational risk management risk management Strategic Planning strategydriven The Big Picture of Business the business tree

When to Listen to a Dire Warning

Harvard Business

Bush, has made a career of investigating disaster warnings. Risk management Crisis management AudioRichard Clarke, former counterterrorism adviser to U.S. presidents Bill Clinton and George W. The way he sees it, catastrophes can happen at any time, so why should decision makers ignore a Cassandra? Now a cybersecurity firm CEO, Clarke is an expert at figuring out who is a conspiracy theorist and who is a credible source.

Embracing Risk in Career Decisions

Harvard Business Review

Risk management is critical for business decisions — but may not be healthy for making decisions about your career. In fact, if you want your career to take off, you may need to do the opposite of what risk managers try to do: Instead of focusing on how to reduce risks, you may need to embrace and enhance them. On the surface, career decisions should follow the same process. How do you manage the risks in your career?

The UK’s Snap Election Reminds Us That Proposing a Change Forces People to Ask New Questions About You

Harvard Business

In retrospect, it turns out that Theresa May, the British prime minister, took a terrible risk by calling a snap election on the back of a 24-point Conservative Party lead over Labour in the polls. Is the lesson: Don’t take risks? No, the lesson is to take a customer-centric perspective on risk to avoid exposing yourself to risks that you didn’t contemplate. The same thing can happen in an individual’s career, too, if they take on the wrong project.

Life is Luck — Here’s How to Plan a Career Around It

Harvard Business Review

Chance plays a much greater role in our careers than we might wish or even realize. But the downside — the thought of our careers as the playthings of fate — is almost unbearable. If you imagine a game of “career roulette,” you end up a starving artist 99 times for every time you end up a rockstar. In other words, we want to minimize the risk associated with high uncertainty in our careers. Mitigating the risks of uncertainty in your career.

Why Buying a Company Can Be Better than Starting One

Harvard Business

Perhaps your most fundamental career choice is whether you will work in someone else’s company or for yourself. Although high growth might seem like a wonderful characteristic of a business, it comes with high risk. Low growth, in contrast, means low risk, and low risk is great because it is your money at stake. Running your own company offers a radically different career path and career lifestyle from working in a traditional large corporation.

If Risk Knocks At The Door. Will You Answer It?

Lead from Within

When struggle is present, life is asking us to open the door to risk and face our fears and answer it with courage. When we don’t allow risk in we allow fear to reside within us. But if we live with the knowledge that risk can be our constant companion, then when it comes knocking we can welcome it as a friend in spite of our fears. When we close the door to risk we spend our life narrowing our perspective and we are diminishing our possibilities.

Before You Take a Risk, Lay Out the Logic

Harvard Business Review

There is little I see about the practice of risk management today that is particularly helpful. In many companies, the approach seems to be a combination of formalized risk tracking and cultural engineering. To control downside, managers make and track long lists of standardized business risks, as in the interminable listing of risk factors in the Management Discussion & Analysis (MD&A) required by regulation in the annual financial statements of public companies.

Are Entrepreneurs Really More Comfortable with Risk?

Harvard Business Review

Most people think entrepreneurs are willing to take on more risk than the average person. Here's my theory: most entrepreneurs aren't more risk-o-philic than anyone else — they just define risk differently. For some I've known, the risk of losing autonomy and control of one's "destiny" was far riskier than losing "guaranteed" income and benefits. For them, risk isn't as defined by losing tangibles (e.g., I know that risk-reward equation.

For a New Way to Manage Risk, Look to the Past

Harvard Business Review

By Focusing on Resilient Risk Management Ebola Battlers Can Learn from Venice's Response to Black Death NPR Every now and then, a story comes along that makes us editors say, "Why didn''t we think of that?" This is one of those stories, which looks at the devastating Ebola crisis through the lens of both history and risk management, with lessons that go beyond what''s happening in Africa. Risk management

Why Leaders Need to Think More Like Professional Gamblers

Leading Blog

We tend to see situations in one of two ways: either events are certain and can, therefore, be managed by planning, investment, and reliable budgets; or they are uncertain, and we cannot manage them. A probabilistic HR manager will examine the data about where a company’s best people come from and how they perform throughout their career to identify new sources of talent that may have been overlooked.

A Beekeeper's Perspective on Risk

Harvard Business Review

Professionally, I help large businesses manage risk by focusing on how their recruiting, compensation, training, and other systems encourage people to behave. Bees are masters at risk management. Take, for example, their approach toward the "too-big-to-fail" risk our financial sector famously took on. Eventually, risk is spread across many hives and revenue sources in contrast to relying on one big, vulnerable "super-hive" for sustenance.

Why Companies Are Betting Against Big Ideas

Harvard Business Review

This idea of prospect theory, developed by Tversky and Kahneman and reported in a classic 1979 article (for which the Nobel prize was awarded) demonstrated that individuals do not make decisions rationally by selecting options with the highest expected value, because they are risk-averse and 'losses loom larger than gains.'. Firms and key decision makers are simply risk-averse. Innovation Risk management Skill vs. Luck

Your Judgment of Risk Is Compromised

Harvard Business Review

A key aspect of risk intelligence is recognizing the limits to your knowledge. People's judgment of risks is deeply compromised by psychological biases. According to data published by Erik Snowberg and Justin Wolfers, in their article Explaining the Favorite-Long Shot Bias: Is it Risk-Love or Misperceptions? Remember: a key aspect of risk intelligence is recognizing the limits to your knowledge, and this includes recognizing the limits of risk intelligence itself.

What Every Executive Should Learn from Wal-Mart's Mistakes

Harvard Business Review

Wal-Mart, for example, made an end-run around its investigations officer and assigned key parts of its inquiry to the management of the very business unit being investigated. Wal-Mart's upper management echelon balked despite her recommendation. At the same time, employees must have every assurance that blowing the whistle will not affect their career. Think globally and manage your risk. MORE ON MANAGING RISKY BEHAVIORS.

Will Economics Finally Get Its Paradigm Shift?

Harvard Business Review

That’s the argument of British money manager George Cooper ’s very interesting if less-than-felicitously titled new book, Money, Blood and Revolution: How Darwin and the Doctor of King Charles I Could Turn Economics Into a Science. Economy Finance Risk management Economics is due for a paradigm shift.

How to Lead During a Data Breach

Harvard Business Review

In an increasingly complex and turbulent world, any day could be the one that your career or even your company depends upon your skill leading through a crisis. Crisis management Leadership Risk management In 2007, I wrote a case study for Harvard Business Review , “ Boss, I Think Someone Stole our Customer Data.”

Instinct Can Beat Analytical Thinking

Harvard Business Review

Psychologist Gerd Gigerenzer has spent his career focusing on the ways in which we get things right , or could at least learn to. At times this belief has led the managing director of the Max Planck Institute for Human Development in Berlin into pretty fierce debates with his intellectual opponents. It has also led to a growing body of fascinating research , and a growing library of books for lay readers, the latest of which, Risk Savvy: How to Make Good Decisions , is just out.

How to Seize Opportunity in a World of Disruption

Skip Prichard

and is an expert on risk, strategy, and finance. General Charles Jacoby is a military leader whose career culminated as four-star Commander of the North American Aerospace Defense Command and U.S. Tactical agility enables employees at all levels to take smart risks, capture opportunities, improvise and innovate as they execute a clear strategy. In emergency management, Hurricane Sandy stands out. Less centralization may be warranted if they take unrelated risks.

The Hidden Dangers of Playing It Safe

Harvard Business Review

She kicked off her October management team meeting, which I was attending, by reading the following passage from my book: The dangers of taking too much risk are very clear. The warnings of overambitious risks are clear—watch yourself and don’t do anything stupid. I felt that Walter had just given the management team a well-deserved kick in the pants—and they summarily dismissed it without letting it sink in. Risk management Strategy

CFO 12

Four Things the Private Sector Must Demand on Cyber Security

Harvard Business Review

What if Washington and Beijing do reach a common understanding on the really big stuff — the massive security risks to sovereign interests — and take steps to reduce the threat of mutually assured cyberdestruction? A reasonable career move would be to specialize in "lower level" attacks like, well, corporate espionage and intellectual property theft. Government Information & technology Risk management

Writing Your Résumé When Your Job Title Doesn’t Reflect Your Responsibilities

Harvard Business

You’re ready to make a career move, up to a higher level or into a different industry or an entirely new field. So here’s how she made sure her résumé attracted the attention of hiring managers when she started applying for chief administrative officer (CAO) positions. Manage junior staff and evaluate performance. This was Sasha’s summary: Department Administrator – Efficiency Expert – Staff Manager - Crisis Handler.

COO 47

14 Principles that Made Amazon

Skip Prichard

Steve Anderson spent his career in the insurance industry focused on risk and business growth. He is a leading authority on insurance, risk management, technology, and innovation. Management Advice from Jeff Bezos. The biggest surprise after studying the Amazon letters to shareholders written by Jeff Bezos is how much management advice he provides. It’s also an excellent opportunity for the team leader to show initiative and be recognized by managers. “My

Finance Can Be a Noble Profession (Yes, Really)

Harvard Business

As graduates explain their career choices to family and friends, they will confront the idea that our best and brightest are wasting their talent in an industry that doesn’t do anything worthwhile. But this anti-finance sentiment is detached from the reality of the profession and obscures the promise and peril of a career in finance. It teaches us humility, too: Risk is omnipresent, difficult to measure, and hard to price, so as a result, true skill is hard to isolate.

Leadership & Change

N2Growth Blog

Now the good news : As much as some people want to create complexity around the topic of leading change for personal gain, the reality is that creating, managing and leading change is really quite simple. An Overview on the Importance of Change : While there is little debate that the successful implementation of change can create an extreme competitive advantage, it is not well understood that the lack of doing so can send a company (or an individual’s career) into a death spiral.

Has SAS Institute’s Goodnight Cracked the Code on Corporate Culture?

Michael Lee Stallard

He spoke of using parallel processing, a form of artificial intelligence, to create new solutions that address thorny risk management issues faced by financial services institutions such as banks and insurance companies. Earlier in his career when he worked for a NASA subcontractor on the Apollo program, he observed the dismal environment of employees working in cubicle farms and how it contributed to annual employee turnover of around 50 percent.

How Dumb Is Your Business?

N2Growth Blog

At the risk of drawing the ire of corporate elitists, I submit to you that the dumber your business is, the better off you are. If your company’s long-term business plan requires the acquisition, or retention of the uber employee then your business not only has a risk management issue, but it is likely not scalable.

28 Leadership Development Recommendations for your Individual Development Plan

Great Leadership By Dan

Do employees feel that their boss honors their career aspirations, building needed skills that serve their organization now and in the future? John Hunter , from Curious Cat Management Improvement Blog , says “ One item I think every leader should have in their IDP is to continue to improve coaching their staff. Joel Garfinkle , from Career Advancement Blog , says “ Improve Your Perception: A reputation that took decades to build can be threatened by a single event.

Why Businesses Fail | N2Growth Blog

N2Growth Blog

Decisions made at the gut instinct or data level can be made quickly, but offer a higher level of risk. Decisioning at the information level affords a higher degree of risk management, but are still not as safe as those decisions based upon actionable knowledge. Assess the Risk/Reward Ratio : What are all the possible rewards, and when contrasted with all the potential risks are the odds in your favor, or are they stacked against you?

Blog 327

Ideas Don't Equal Innovation | N2Growth Blog

N2Growth Blog

Aside from being costly, a flawed execution can cast doubt on management credibility, have a negative impact on morale, taint the brand, adversely affect external relationships, and cause a variety of other problems for your business. Assess : Put the idea through a risk/reward and cost/benefit analysis. Contingency : Nothing is without risk, and when you think something is without risk, that is when you’re most likely to end-up in trouble.

Blog 325

Questions and Team Building | N2Growth Blog

N2Growth Blog

In today’s post I’ll share the questions that great CEOs use to align the interests and focus the efforts of their executive team… It is not uncommon when working with new clients that I find very fractured executive teams where team members more frequently work against one another, rather than with one another (see “ Managing Tough Relationships “). What’s our biggest risk in this, and what’s your fallback position?