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How do you adapt to evolving strategic risks?

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Strategic risks are the uncertainties and challenges that can affect your business goals, competitive advantage, and long-term performance. They can arise from changes in customer preferences, industry trends, technological innovations, regulatory shifts, or geopolitical events. To adapt to evolving strategic risks, you need to develop a proactive and flexible approach that can help you identify, assess, and respond to them effectively. Here are some tips on how to do that.

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1 Understand your strategic context

The first step to adapt to evolving strategic risks is to understand your strategic context, which is the external and internal environment that influences your business decisions and actions. You need to monitor and analyze the forces and factors that can impact your industry, market, customers, competitors, suppliers, and stakeholders. You also need to evaluate your strengths, weaknesses, opportunities, and threats (SWOT) and how they align with your vision, mission, and values. By understanding your strategic context, you can identify the sources and drivers of strategic risks and how they relate to your objectives and capabilities.

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Jan Mally

Group Coordinator at Tron Group
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It is of the utmost importance to be observant of the changes happening around you. Not necessairly the modified risk results in a big change and not always it will become a disadvantage. Be particularly vigilant of the changes in your organisation and your team. You will never be able to detect and further analyse ruske by yourself alone.

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2 Establish a risk management framework

The second step to adapt to evolving strategic risks is to establish a risk management framework, which is a set of processes and tools to plan, implement, and review your risk management activities. This should include a risk appetite statement to define the level and type of risk you are willing and able to take, as well as a risk identification and assessment process to identify, analyze, and prioritize potential strategic risks. Additionally, you should have a risk response and mitigation strategy for selecting and implementing the appropriate actions to reduce, transfer, accept, or avoid the strategic risks. Lastly, a risk monitoring and reporting system should be in place for measuring, tracking, and communicating the status and performance of your risk management activities.

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Anurag Gautam

Commercial Strategy @ Palantir ($PLTR highest performing S&P 500 stock in 2024) | How is your enterprise leveraging AI? | NYU Stern
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It's important to have frameworks because you want to be as objective as possible when it comes to risk management. Frameworks and principle based thinking will result in less emotionally driven reactions and more sound and aligned decisions.

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3 Foster a risk-aware culture

The third step to adapting to evolving strategic risks is to foster a risk-aware culture. This is a set of attitudes, behaviors, and values that support and encourage risk management throughout your organization. Having a risk-aware culture can help engage and empower employees to identify, report, and address strategic risks. It can also promote collaboration and communication between different functions, departments, and levels to share information on strategic risks. Furthermore, it encourages innovation and learning from failure or success to improve your risk management capabilities. Lastly, it aligns incentives and rewards with your risk appetite and performance to motivate your risk management efforts.

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Kevin Lawrence

I Coach Entrepreneurial CEOs and Business Leaders | Keynote Speaker | Strategic Advisor | Coach for CEOs and Executive Teams | Actively Hiring Strategy Advisors
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Setting a risk-vigilant culture doesn't only mean having a back-up plan for when things get rough. It's about also having a plan for when things do go well, so that you are ready to adapt onwards to the better and next opportunity that comes up. This means you need Plan A, B and C, outlined here: A – Accelerated – When things go in your favour B – Baseline – Your best guess of what’s going to happen C – Cautious – When things don't go as well When your teams are trained to think this adaptively, you'll notice you're not only just prepared to recover, but your advancements and growth are happening way more efficiently.

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Kevin Dominik Korte

Board Member / Angel Investor / AI Innovation & Growth Strategist / Speaker, defining and supporting execution of value-add, purpose-led strategies that deliver accelerated growth and business turnaround.
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One of the best ways to foster a risk-aware culture is by simply asking, "What could go wrong?" Our brain has evolved to assume that there is a sabertooth tiger behind every bush, and letting the imagination run wildly is often enough to come up with realistic and outlandish scenarios. While many scenarios won't be close enough to reality to prepare for it, the art of questioning them gracefully, analyzing them without prejudice, and planning for the realistic one is more critical than any restriction on the most likely scenario.

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4 Review and update your strategy

The fourth step to adapt to evolving strategic risks is to review and update your strategy, which is the set of choices and actions that you make to achieve your business goals. It is essential to regularly evaluate your strategy against your strategic context and risk management framework, and adjust it when new opportunities or threats emerge or when assumptions or expectations shift. By reviewing and updating your strategy, you can align it with your vision, mission, and values, as well as enhance your competitive advantage in the industry. Furthermore, you can optimize resource allocation and prioritization based on risk appetite and performance, thus creating value and sustainability for customers, employees, and shareholders.

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5 Learn from best practices

The fifth step to adapt to evolving strategic risks is to learn from best practices, which are the methods and techniques that have been proven to work well in similar situations or contexts. Benchmarking your risk management practices against your peers and competitors can help you identify the gaps and areas for improvement. Seeking feedback and advice from experts, mentors, and consultants who have experience and knowledge in strategic risk management can also be beneficial. Participating in networks, forums, and events can provide you with insights, trends, and best practices on strategic risk management. Furthermore, reading books, articles, and reports that offer guidance, examples, and case studies on strategic risk management is a great way to learn from best practices.

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Anurag Gautam

Commercial Strategy @ Palantir ($PLTR highest performing S&P 500 stock in 2024) | How is your enterprise leveraging AI? | NYU Stern
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In most industries there are existing risk management frameworks already - no need to reinvent the wheel here. You can utilize industry events, online forums, or even AI to learn more about these practices.

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6 Anticipate and prepare for the future

The sixth and final step to adapt to evolving strategic risks is to anticipate and prepare for the future. To do this, you should develop scenarios and contingency plans that can help you envision and test how different strategic risks can impact your business. Additionally, building resilience and agility can help you cope with and recover from adverse events and changes. Investing in innovation and digital transformation can also create new products, services, processes, and business models that meet the changing needs of customers and stakeholders. Moreover, embracing a growth mindset can help you learn, adapt, and improve continuously to overcome the challenges and uncertainties you may face.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you adapt to evolving strategic risks?

1

2

3

4

5

6

7

1 Understand your strategic context

2 Establish a risk management framework

3 Foster a risk-aware culture

4 Review and update your strategy

5 Learn from best practices

6 Anticipate and prepare for the future

7 Here’s what else to consider

Business Strategy

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How do you adapt to evolving strategic risks?

1

2

3

4

5

6

7

1 Understand your strategic context

2 Establish a risk management framework

3 Foster a risk-aware culture

4 Review and update your strategy

5 Learn from best practices

6 Anticipate and prepare for the future

7 Here’s what else to consider

Business Strategy

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