Nine steps to take risk well
There’s a personal side to risk taking and so a personal side to governance of risk taking. Matthew Leitch offers nine suggestions for doing it well
Governance of risk taking is something needed if you are the leader of a two-person window cleaning business just as much as if you are the CEO of a major banking group. It is also an important part of being the boss of a sub-unit of an organisation, such as a finance team.
In this article 'governance of risk taking' is defined as controlling the risk taking aspects of management duties that have been delegated, without being personally involved in each decision. Often that means explaining what we want people to achieve and putting some constraints on how, but otherwise letting them get on with it.
The 'everyday' aspect focuses on the impact that we have from day to day, especially our influence on people we work closely with, rather than just through high level rituals conducted at board level in very large companies.
Whether your main concern is that people are reckless or that they are too timid to get things done, here are nine suggestions.
This is an extract from the Business & Management Magazine, Issue 280, December 2019/January 2020.
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Full article is available to Business and Management Faculty members and subscribers of Faculties Online.