From the new Spark whitepaper, Risk: The Missing Link Connecting Strategy to Implementation, written with Jamie Notter and Leslie White:
The risk management process involves the continuous identification, assessment, prioritization, and selection of risk management techniques; implementation; and monitoring of outcomes.
But what if the board and senior team members don’t all agree on what the risk is, how likely it is, or what impact it might have? What if the decision-makers don’t have the same appetite for risk? What if they don’t accord the potential opportunity the same level of importance? Risk management sounds straightforward in theory, but the effective practice of risk management requires broadening your awareness about uncertainty and risk and integrating this risk awareness directly into your strategic decision- making. You need to define your risk strategy.
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