Risk Exploitation - The Secret to Businesses Succeeding

The question on the minds of most company CEOs and their shareholders is: “How do we make our revenue or profit goals for this year?” Or, simply for some, it is, “How do we keep our ‘lights’ on?”

This fundamental question is answered in the most important part of risk known as Risk Exploitation, where the real power of risk resides.

Shockingly, Risk Exploitation has been replaced with Risk Management, which focuses only on firefighting would-be problems, assuming you can identify them correctly, and existing problems. This has formed the practice of today.

I remember the time, we’re talking pre-2008, when opportunity management and benefits realisation, which are the fundamental components of Risk Exploitation, were actively practised in companies. On a project at BT in 2004, my colleague and I identified about £25 million in opportunities using procedures developed from the OGCs MoR (Management of Risk) and MSP (Managing Successful Programmes), which has now been diluted.

Since the 2008 financial crisis, risk, or risk management, has mainly focused on preventing potential problems, threats, and issues only.

Organisations like the Institute of Risk Management, ISO 31000, and COSO, which have existed for more than a decade, know about Risk Exploitation but don’t teach it or make it clear for people and organisations to use. Most Risk Practitioners who train in these disciplines become agents of these standards, which most company leaders find do not address their fundamental needs, therefore creating Risk Apathy in many companies around the world.

Risk Apathy is DANGEROUS for business!!!

Whatever the case, the primary purpose of risk is to achieve a company’s purpose, which is largely driven by its opportunities and the result of that (rewards), wherever they may come from.

Until the risk profession lives up to its fundamental purpose, multinational organisations and companies regardless of size, will continue to experience unnecessary financial losses, unexploited opportunities, and the realisation of the much-needed rewards necessary to keep the ‘lights on’.

We offer the full version of risk in my practice as it is meant to be, especially for the current state of the world of business today. We help get you to your future desired state.

Since 2018, I’ve been educating people on the correct version of risk, which you can learn about in my book, Get Risky or Get Lost, available on Amazon.

If you would like me to deliver a talk on this to your company or team, do get in touch or visit the Services page of this website to find out about my training programmes.

RISK IS A POWERFUL FORCE FOR SUCCESS

Chizubel Beluchi