The pace of change in the external environment has ramped up in recent years, making forward planning more difficult and big decisions more risky. Gone are the days when you had a five-year plan and stuck to it, explains Randall Peterson, professor of organisational behaviour at London Business School. Now, you have to be prepared for unexpected threats. That will not change any time soon.
Not only does navigating this volatile environment require a shift in mindset, but it also calls for managers to identify and manage potential risk. It means looking ahead to your future decision making, as well as handling the current moment. “People say: let’s just get through this latest thing that’s happened, but we have to stop thinking that way as this is the new normal”, Randall explains.
By using these five steps below, you can gain a better understanding of risk in relation to yourself and your organisation, and how to prepare for it.
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