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Home » A New Perspective On Risk: How And Why To Use Risk To Win – Mark R Graham

A New Perspective On Risk: How And Why To Use Risk To Win – Mark R Graham

A New Perspective On Risk: How And Why To Use Risk To Win - Mark R Graham

Do you ever feel like your business is stuck in a cycle of the same risks and the same results? It might be time to take a step back and look at risk management from a different perspective. Rather than simply attempting to mitigate existing threats, why not use risk as an opportunity for growth and success? From identifying new opportunities for investment to innovating with technological advances, taking calculated risks can often result in prosperous returns if managed strategically. In this blog post, Mark R Graham will discuss how and why using risk effectively can help your business win.

A New Perspective On Risk: Mark R Graham On How And Why To Use Risk To Win

In today’s rapidly evolving business landscape, uncertainty has become the new normal, says Mark R Graham. The confluence of disruptive factors, such as global economic shifts, technological advancements, and political upheavals, has given rise to an increasingly complex, interconnected, and unpredictable risk environment. Conventional approaches to risk management are no longer sufficient, as businesses must find innovative ways to deal with these challenges and capitalize on emerging opportunities.

Examples abound of businesses that have successfully turned uncertainty into opportunity. Tech giant Apple, for instance, shook up the mobile phone market when it released the iPhone in 2007, seizing the opportunity to combine phone, internet, and media features in a single device – a risk that paid off spectacularly.

Another powerful example comes from Tesla, which challenged the established auto industry by committing to an all-electric vehicle line-up. Despite skepticism and resistance, Tesla’s calculated risk significantly impacted the momentum toward sustainable transportation, transforming the company into a market leader.

Business leaders can implement strategic risk management by adopting the following practices, as per Mark R Graham:

Identify and prioritize potential risks: Assess both external and internal factors that may affect the business, such as changing customer needs, emerging technologies, and corporate culture. This process helps determine which risks are worth pursuing and which should be avoided.

Build a risk-savvy culture: Create an organization that encourages open dialogue and diversity of thought. “Promoting a culture where multiple perspectives are welcome, and tough questions are expected, can encourage better risk identification and management,” says Sheila Bair, former Chair of the Federal Deposit Insurance Corporation.

Re-evaluate regularly: Continuously track and adjust to shifting market dynamics and constantly recalibrate risk-taking strategy. As Lila Tretikov, Corporate Vice President at Microsoft, aptly puts it, “the ability to adapt requires being dynamic, agile and continuously learning from mistakes and successes.”

Mark R Graham’s Concluding Thoughts

According to Mark R Graham, in the face of unrelenting change and uncertainty, adopting a strategic risk management framework can provide a powerful competitive advantage to businesses that recognize the value of embracing risk. By re-evaluating traditional thinking on risk, business leaders can inspire innovative growth, disrupt markets and transform their organizations. Heeding the words of Amazon CEO Jeff Bezos, “The biggest risk is not taking any risk. In a world that’s changing quickly, the only strategy that’s guaranteed to fail is not taking risks.”

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