Have you considered what could unravel you or your organization? The threats lurking in the shadows, waiting to pounce when you least expect them?
Risk management isn’t just a buzzword; it’s a lifeline. Aon’s study found that 60% of business losses stem from risks businesses aren’t prepared for.
Take Nokia, once the world’s largest mobile phone manufacturer. They failed to prepare for the smartphone revolution, resulting in a dramatic fall from grace.
On the other hand, Microsoft, under Satya Nadella, pivoted towards cloud computing and AI. Now, Azure is a $91 billion revenue stream, and ChatGPT opens untold possibilities.
Warren Buffett wisely noted, “Risk comes from not knowing what you’re doing.”
But it’s not just about knowing; it’s about preparing. Airbnb’s crisis management team, formed in 2017, proved invaluable during the COVID-19 pandemic, helping them navigate unprecedented challenges.
So, what are you not prepared for? A cyber attack? A key employee leaving? A sudden market shift?
Remember, it’s not paranoia if the threats are real. And in today’s world, they very much are.
Risk planning isn’t about predicting the future. It’s about being ready for whatever the future throws at you.
Are you prepared? Or are you just hoping for the best?
