Risk is a seemingly simple word that confounds most organizations when it comes to achieving strategic outcomes. We prefer the word uncertainty. Learning about uncertainty starts with developing an understanding of historical efforts to address the concept of probability.
Our recent columns explored the architecture and science behind institutional learning systems that help organizations manage risk – i.e., learn to thrive. Chesley Sullenberger’s story is a fitting capstone to this section, reminding us that learning to thrive is much more than a tale of heroes and miracles.
Our recent columns explored how Paul O’Neill and Stanley McChrystal used institutional learning systems to better manage risk and optimize performance. Emerging science confirms their approach and the need to develop more leaders who can see the future of risk management.
Our most recent columns explored how Paul O’Neill and Stanley McChrystal used institutional learning systems to better manage risk and optimize performance. This column focuses on the architecture behind a systems-based approach to risk management.
Our most recent columns explored the risk management approach of Paul O’Neill and Stanley McChrystal and their creation of institutional learning systems. Let’s now validate this approach through the lens of history and determine why building organizational capacity for institutional learning is essential to the future of risk management.
Part I of this article explained how over the last seven years, researchers at The Ohio State University have been exploring the concept of enterprise resilience, i.e. how companies can prosper in the face of turbulent change by being able to recognize, understand, and compensate for vulnerabilities. Part II of this article explains the SCRAM (supply chain resilience assessment and management) framework, which enables a business to identify and prioritize the supply chain vulnerabilities it faces, as well as the capabilities it should strengthen to offset those vulnerabilities.
Our most recent columns have explored the risk management approach of Paul O’Neill and Stanley McChrystal and their creation of institutional learning systems. This column focuses on their leadership model and why an evolution in c-suite leadership is critical to the future of risk management.
Our recent columns have shared the risk management approach of Paul O’Neill and his conviction that to turn the company around, Alcoa had to create a learning-based culture that would embrace the pursuit of goals set at the level of known possibility. We now explore how retired U.S. Army General Stanley McChrystal used the same approach to defeat Al Qaeda and the broader implications for the field of risk management.
One of the best parts of serving as executive director of The Risk Institute at The Ohio State University Fisher College of Business is helping to bridge the gap between academia and corporate practitioners.
Lori Siwik and Mark Siwik are the founders of SandRun Risk. They apply the principles of vertical leadership and lean six sigma to the discipline of risk management. From time to time they share their blog with guest authors who write about important risk management principles.