So how do you anticipate risks? And once you’ve identified risk, how do you know which are the important ones to focus on? Finally, what do you do to manage risks in your company?
In a second podcast on the topic of risk, the team discusses how to brainstorm a wide range of risks. They also introduce a simple two-dimensional framework for classifying risks, and begin a discussion (to be continued on the next podcast) for what to do about the significant ones. Along the way they discuss case studies from the vehicle rental, plant-based meat and vaping industries.
In this episode, you will learn:
- How the PESTLE framework helps reduce the chance of missing a big risk completely
- A two-dimensional approach to classifying and prioritizing risks
- The four categories of handling risk
Here are some quotes from the team’s discussion:
- “Risk always rides with its partner, Opportunity.”
- “Taking the time to think about managing risk raises the probability you will get lucky”
- “You must look at risk through the eyes of the customer!”
We hope you enjoy the discussion and gain some helpful insights.