What would it take for all organizational risk stakeholders to view risk as strategic advantage?
Risk as strategic opportunity is more a mindset than a process. This mindset includes: * An awareness of risk possibility from points of view of staff, Board and key stakeholders * Risk is seen as possibility and advantage, not compliance and protection * Every risk treatment (this is the terminology used in risk to describe the management of that risk) also includes a strategic opportunity * Risk as innovation is embraced by the whole organization at all levels What is the point behind risk management? The point behind risk management is to 1. identify all the potential risks, 2. rank them according to potential to occur and possible impact if they do occur, 3. determine the quality of existing controls on the risks, 4. develop new controls and strategies for the risks (called “treatment” in risk jargon), 5. monitor these and 6. extract strategic advantage from the whole process. A simple process which is often made very complicated and difficult by the points of view that people hold
