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Instead of Avoiding Risk, Prepare for It

Risk management departments are springing up in companies across the globe. They categorize and analyze risk to the company before it happens and in most cases, they create systems and processes to prevent risks from occurring. But the reality is that all hazards can't be predicted or avoided. Instead of simply staving off risk, focus on building resilience so that when the unthinkable happens, you're better prepared to face it. Look at all the risks you face and play out what you would do if any of them were to come to bear. Having systems in place to respond could save you valuable time, money, and resources.

By Columbia Business School professor Rita McGrath

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