Mckinley Woods Structural Implications
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The document discusses the importance of strategic resilience and risk leadership for organizations in turbulent times. It states that both opportunities and risks are intertwined, and greater risks exist for those who resist rather than embrace change. It argues that building strategic resilience requires upgrading traditional risk management systems, which tend to be narrow, oblivious to emerging risks, and overly dependent on qualitative models. The document also discusses moving from a risk management to a risk leadership mindset, noting that risk leadership involves taking both an inside-out and outside-in perspective to identify strategic vulnerabilities and monitor potential shifts.
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STRATEGIC PLANNING
Managing Risks: A New
Framework
by Robert S. Kaplan and Anette Mikes
FROM THE JUNE 2012 ISSUE
W
Editors’ Note: Since this issue of HBR went to press, JP Morgan, whose risk management practices are
highlighted in this article, revealed significant trading losses at one of its units. The authors provide
their commentary on this turn of events in their contribution to HBR’s Insight Center on Managing
Risky Behavior.
hen Tony Hayward became CEO of BP, in 2007, he vowed to make safety his top
priority. Among the new rules he instituted were the requirements that all
employees use lids on coffee cups while walking and refrain from texting while
driving. Three years later, on Hayward’s watch, the Deepwater Horizon oil rig exploded in the Gulf
of Mexico, causing one of the worst man-made disasters in history. A U.S. investigation commission
attributed the disaster to management failures that crippled “the ability of individuals involved to
identify the risks they faced and to properly evaluate, communicate, and address them.” Hayward’s
story reflects a common problem. Despite all the rhetoric and money invested in it, risk
management is too often treated as a compliance issue that can be solved by drawing up lots of rules
and making sure that all employees follow them. Many such rules, of course, are sensible and do
reduce some risks that could severely damage a company. But rules-based risk management will not
diminish either the likelihood or the impact of a disaster such as Deepwater Horizon, just as it did
not prevent the failure of many financial institutions during the 2007–2008 credit crisis.
Identifying and Managing
Preventable Risks
In this article, we present a new categorization of risk that allows executives to tell which risks can
be managed through a rules-based model and which require alternative approaches. We examine
the individual and organizational challenges inherent in generating open, constructive discussions
about managing the risks related to strategic choices and argue that companies need to anchor these
discussions in their strategy formulation and implementation processes. We conclude by looking at
how organizations can identify and prepare for nonpreventable risks that arise externally to their
strategy and operations.
Managing Risk: Rules or Dialogue?
The first step in creating an effective risk-management system is to understand the qualitative
distinctions among the types of risks that organizations face. Our field research shows that risks fall
into one of three categories. Risk events from any category can be fatal to a company’s strategy and
even to its survival.
Category I: Preventable risks.
These are internal risks, arising from within the organization, that are controllable and ought to be
eliminated or avoided. Examples are the risks from employees’ and managers’ unauthorized, illegal,
unethical, incorrect, or inappropriate actions and the risks from br.
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The document discusses enterprise resilience and how organizations can anticipate and adapt to constant change. It defines enterprise resilience as an organization's ability to not just survive change but evolve by capitalizing on opportunities. Resilient organizations exhibit traits like coherence, adaptive capacity, agility, relevance, reliability, and trust. These traits allow them to navigate turbulence, anticipate disruptions, and turn change to their advantage. The document also notes that change is occurring more rapidly, with the average age of S&P 500 companies declining from 90 years in the 1930s to just 18 years in 2012. To thrive amid this disruption, organizations must develop new capabilities to respond proactively to change.
Student 1 The main intention of this framework is to support .docx
Student 1:
The main intention of this framework is to support large corporate organizations with their portfolio management and process of the risk management. The framework is able to handle insurance risk and non-insurance risk. It is suggested to use the framework within the recognized enterprise risk management correction. James Lam has defined four benefits to risk management which are as follows: handling risk is managements’ job; the instability of the earnings will be reduced by the managing risk; the shareholders’ value can be maximized with the help of managing risk; financial security and job security are promoted by the risk management (Zhou & Xu, 2018)
Handling risk is managements’ job–the duty of the management is to use the critical information of the business to manage the risk. This will lead to give transparency in managing costs and improves the understanding of the risk.
The instability of the earnings will be reduced by the managing risk–with the help of the activities of the risk management, the top companies will able to manage their earnings instability in a better way.
The shareholders’ value can be maximized with the help of managing risk–the companies can be able to increase their shareholders’ value with maximum percentage and also can be able to identify the opportunities for business optimization and risk management by using the risk based program. Volatility can be managed well and business model performance can be extended with correct information that is spread across the organization (Liang et al., 2017)
The efficient frontier will be send to the business leaders directly and they will become the holders of the risks for their respective areas of influence. The efficient frontier has to learn the language of the risk. It is fundamentally assumed that the risk transfer and lines of insurance will be modelled properly. This is significant assumption, as plain modelling foibles, internal disputes, information asymmetry and data limitations will be easily disturb the best intentions of the framework. It is very necessary to test any kind of model and if possible back test the model and involvement of different business leaders is also important to examine the results of the model. It is important to involve independent experts to question and examine the assumptions of the model (Tajani & Morano, 2017)
References
Liang, J., Zhong, M., Zeng, G., Chen, G., Hua, S., & Li, X. et al. (2017). Risk management for optimal land use planning integrating ecosystem services values: A case study in Changsha, Middle China. Science Of The Total Environment, 579(2), 1675-1682.
Tajani, F., & Morano, P. (2017). Evaluation of vacant and redundant public properties and risk control. Journal Of Property Investment & Finance, 35(1), 75-100.
Zhou, W., & Xu, Z. (2018). Portfolio selection and risk investment under the hesitant fuzzy environment. Knowledge-Based Systems, 144(2), 21-31.
Student 2:
Uses of Efficient Frontier Analysis.
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Seeing in the dark
Headline-grabbing scandals can cause massive damage: a deposed CEO, a replaced communications head or billions of euros lost. But how to anticipate reputational risks – or even avoid them – before a crisis hits?
Article written by Phil Riggins, a partner in Brunswick’s London office, for Communication Director magazine Issue 04/2015
http://www.communication-director.com/issues/hidden-powers/seeing-dark#.Vm_zvEqLSUk
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- 1. MckinleyWoods Structural Implications: Risks and Opportunities in Tumultuous Times 2010 MckinleyWoods Strategic Resilience
- 2. Competitive Advantage and Strategic Resilience Today organizations must not only offer competitive differentiations, but also superior strategic resilience.
- 3. re·sil·ience (r -z l y ns) n. 1. The ability to recover quickly from change, or misfortune; buoyancy. 2. The property of a material that enables it to resume its original shape or position after being bent, stretched, or compressed; elasticity. Resilience is an ability to adapt and respond to changing conditions to achieve unique opportunities. Many once great organizations have perished over the last 3 years. And more will follow.