Is risk a dirty word, or your unfair competitive advantage?

In this month’s Insight Edge we examine risk: 

What can we learn in business and life about risk? What does it mean for Australian business leaders today? Has it become a dirty word, that paralyses creative problem solving and stifles innovation? Is there work that leaders can be doing in the space before risk management to manage vulnerabilities strategically, at the highest level of the organisation?

How has risk changed in our hyper-connected world? Are we prepared for new kinds of business risks, like those posed by the explosion in cybercrime? And what drives individuals who take the risk of going out alone and starting their own businesses?

Derrick McManus’s story isn’t about taking huge risks and getting away with it. It is about physical and mental preparedness, about the processes and emotional ability with which we approach situations. “Risk takers go out and have a crack without thinking about what the consequences might be and whether we have the ability to manage those consequences,” says Derrick.

“People, leaders and organisations need to take responsibility for choices and consequences; have the knowledge and tools to create success; and the plan and commitment to see it through,” he says. “Ultimately it’s about open, honest and confronting conversations with ourselves and within our organisations to understand the processes and the consequences if things go wrong.”

In this month’s Insight Edge we explore:

Cybercrime – why it’s not just a risk for other people’s businesses, and what you need to know – and do

Risk policy – working with leaders and executive teams to look at and eliminate vulnerabilities before they become risks to your business

Humanising risk management – why your most important defence and opportunity for effective risk management is the people in your team, not the forms they fill out

Going out on your own – we ask Australian small and micro business leaders why they take the risky decision to run their own show and why it works for them

Derrick has developed the model for Durability of Human Performance and partnered with the University of South Australia, School of Psychology to research and develop the durability philosophy. You can hear more of his story on our monthly leadership podcast.

The Insight Edge podcast is now live on iTunes. It includes extended interviews with this month’s guests. If you enjoy it, please give it a rating. The higher the podcast ranks, the more visible and the bigger the audience for our showcase of Australian leadership and management skills and expertise from our Members.

Have a fun, risk-intense, well prepared and resilient month.

Kirsten Lees

Editor, Insight Edge

The Institute of Managers and Leaders