What risks should you consider before implementing new ideas?

1 Strategic risks

Strategic risks are the risks that affect your ability to achieve your goals and objectives. They may result from external factors, such as market changes, competitors, regulations, or customer preferences, or internal factors, such as resource allocation, culture, or leadership. To assess strategic risks, you need to analyze how your new ideas align with your vision, mission, and values, and how they fit into your overall strategy. You also need to consider the opportunity costs, trade-offs, and alternatives that your choices involve. To manage strategic risks, you need to communicate your rationale, monitor your progress, and adjust your plans as needed.

2 Operational risks

Operational risks are the risks that affect your processes, systems, and people. They may result from human errors, technical failures, process inefficiencies, or external disruptions. To assess operational risks, you need to examine how your new ideas will impact your workflows, procedures, and standards, and how they will affect your quality, productivity, and performance. You also need to consider the resources, skills, and training that your new ideas require, and how they will be allocated and delivered. To manage operational risks, you need to document your changes, test your solutions, and implement quality controls.

4 Compliance risks

Compliance risks are the risks that affect your adherence to laws, regulations, and ethical standards. They may result from legal changes, regulatory audits, contractual obligations, or ethical dilemmas. To assess compliance risks, you need to review how your new ideas will comply with the relevant rules and norms, and how they will affect your reputation and credibility. You also need to consider the potential penalties, sanctions, and lawsuits that your actions may entail, and how they will be prevented and resolved. To manage compliance risks, you need to consult legal experts, follow best practices, and document your evidence.

5 People risks

People risks are the risks that affect your employees, customers, and stakeholders. They may result from resistance to change, low engagement, poor communication, or conflict. To assess people risks, you need to understand how your new ideas will affect the needs, expectations, and emotions of your people, and how they will influence your culture and relationships. You also need to consider the feedback, support, and involvement that your people need, and how they will be provided and facilitated. To manage people risks, you need to communicate clearly, listen actively, and collaborate effectively.

Implementing new ideas can be exciting and rewarding, but also challenging and risky. By considering the strategic, operational, financial, compliance, and people risks that your changes may entail, you can prepare yourself and your team for the possible outcomes, and take proactive steps to reduce the negative impacts and enhance the positive ones. Risk assessment is not a one-time activity, but an ongoing process that requires constant monitoring and evaluation. By applying risk management techniques, you can increase your chances of success and innovation.

6 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?