A deep-dive explanation about the main categories of strategic risk (Governance, Operational, Competitive, Financial, Reputational), and the 4-step process you can use to evaluate them.
Quality is much different than quantity. It includes sensations and feelings from interviews, discussions, and narrative stories that are difficult to turn into specific numbers.
Although it takes more time to collect, qualitative data is extremely helpful because it provides a depth of understanding about very complex problems.
I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.
In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.
What is an employee worth to you?
Not just their ability to generate sales or produce a measurable outcome, but also in terms of the experience they provide, and the emotional impact they make?
How can we calculate the degree of value an employee brings to a company, and what we lose when they quit?
Previously, I discussed ways to increase Risk Intelligence after staff turnover, and how to calculate the financial impact.
In this third segment, I explain hidden values employees provide, the 9 things we lose when an employee leaves, and simple ways to calculate the cost of quality.
If you own a business, you are responsible for every detail in your company: hiring, firing, and everything in between.
When a key employee hands you their resignation letter… what is your typical response?
Do you feel alarmed, frustrated, nervous, or angry?
Are you afraid of what could go wrong?
Without a clearly defined processes to deal with unexpected turnover in your company, you will be facing a lot of unknowns. Risk Intelligence is the ability to perceive what could happen before it happens.
If you feel blindsided by a sudden resignation, or shocked by events that forced you to fire key staff members, then it’s time to boost your level of risk intelligence.
This is the final in a 3-part series about Pain and Decision-Making.
In previous posts, I described ways to see pain objectively, and how to identify pain points, and ways to fix them. In this article, we’ll be examining some difficult topics that most leaders tend to avoid.
Pain isn’t something most of us want to experience. We are hard-wired to avoid unpleasant conversations, experiences, and memories. And most of the time, this instinct serves us well.
But when it comes to recognizing risks — vulnerabilities and threats that could cause harm — avoiding pain is dangerous.
This is the first in a 3-part series about Pain and Decision-Making.
In this post, I will review the basics of pain, our unique thresholds, corresponding fears, and how to evaluate and properly both pain and managing risk. Continue reading “What Happens When We Avoid Pain in Decision-Making?”