Here are the definitions of commonly used words in Strategic Risk and from my speaking & training services.
Strategic Risk Terms
Cause and Effect
Critical Risk Event
Strategic Risk Analysis
Strategic Risk Intelligence
Strategic Risk Management
Blind Spot: An area of the visual field that cannot be seen, either by obstruction or failure of judgment. In anatomy: a small area at the back of the eye where the optic nerve is insensitive to light.
Cause and Effect: Recognition of connections between one event (the cause), with another (the effect), where each is dependent on one other and the originating event is known to be responsible for the outcome. See “Root Cause“
Communication Intelligence: The ability to acquire knowledge using words, sounds, signs, and behaviors; synthesize it into a message; and exchange the information to another with a high degree of success. See “Risk Intelligence”
Feedback Loop: A control system in which leaders collect new input (suggestion, appreciation, or complaint), respond to the sender, validate and measure the input’s usefulness, decide which action to take, adjust processes, confirm outcomes, and alert the sender that action was taken. See Cause and Effect
Innovation: “Applied creativity” through the creation of new products, services, relationships, and approaches. (Credit: Dr. Alan Weiss)
Participatory: Showing respect and dignity to all stakeholders, and providing them with the opportunity to be actively involved in generating ideas, designing processes, and ensuring a result that meets their needs.
Risk: The probability of uncertainty resulting in a negative or positive impact (damage, injury, liability, loss) due to internal or external vulnerabilities. See “Risk Intelligence”
Risk = Likelihood x Effect
Risk Index: Categories used to predict the expected impact and probability of a threat or opportunity, to determine which actions can reduce damage and increase the likelihood of success.
Risk Intelligence: The ability to effectively distinguish which actions must be avoided to prevent loss or harm, and which actions must be taken to gain a competitive advantage. See “Strategic Risk Intelligence”
Risk Management: The identification, assessment, and prioritization of an organization’s uncertainties in achieving its objectives; and coordinated implementation of safeguards that minimize, monitor, and control the impact of failure and maximize the chance of success.
Strategic Bias: The unconscious partiality toward a particular outcome that occurs because of unrecognized blind spots, insufficient information, and/or cognitive dissonance. See “Cognitive Dissonance”
Strategic Plan: An organization’s process of determining the overall direction (Strategy), which goals they wish to achieve (Objectives), using which actions and resources (Tactics), and how they will know it was successful (Measures); abbreviated as VMVOM: Vision, Mission, Values, Objectives, and Measures. See “VMVOM”
Strategic Risk: The vulnerabilities and untapped opportunities available in developing an organization’s goals. (Examples: Known and Unknown, Negative and Positive, Desirable and Undesirable, Integrated and Partitioned)
Strategic Risk Intelligence: The ability to effectively distinguish vulnerabilities and untapped opportunities in developing an organization’s goals, and translate these insights into superior judgment and practical action. See “Communication Intelligence”
VMVOM: The 5 basic components of an organization’s Strategic Plan:
Vision (“What does a perfect future look like?”)
Mission (“Why do we exist, and who do we serve?”)
Values (“What guides our behavior to others?”)
Objectives (“Where are we going, and How are we getting there?”), and
Measures (“How will we know when we’ve arrived?”)
Workflow: An orchestrated sequence of activities where tasks, documents, and/or information are transferred step by step in order to achieve a final outcome; can be depicted in a visual diagram.
Speaking and Training Terms
Keynote Speaking: An event’s highlight message that sets the tone and encapsulates the sponsoring organization’s core message and values.
Webinar: A presentation, workshop or seminar conducted over the Internet that is interactive (attendees are encouraged to participate), multimedia (blends visual, audio, slides, and handout materials); may occur in real-time or previously recorded.
Workshop: A highly interactive method for participants to learn and apply new skills (virtual or in person). Unique demonstrations, hands-on testing “labs,” and skill practice are designed to help participants easily adopt new techniques.
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