Taking Convenient Risks
"However beautiful the strategy, you should occasionally look at the results"...WC
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Reading Dr. Kitipan’s reference articles on Operational Risk Management lead me to Randy Fellhoelter’s. Site, ifeltcomfortable.com. This is a practical view on the subject. In his preview video, Randy tells his dramatic story and discusses attitudes and hard lessons learned from personal risk taking. His photos graphically testify to his horrific injuries after taking a short cut.
The underlying theme is about complacency and convenience to save time. It is about health and safety. It is also equally applicable when considering investment risk and the related performance management. Investment failures can hurt equally as badly, especially when surgery is required to repair ignored business risk. Like it was for Randy, it can be just as painful.
And even with good systems, the Increasing pace of business so often makes us revert to taking short cuts to keep up. Of course, taking risks on opportunities to grow is required even more so in tough times, but it can no longer be a matter of expedient convenience. The potential this has as a Russian roulette style management can result in disaster.
Randy’s 1989 disaster, as it relates to people, is still very relevant today. It also reinforces a continuing need for quality planning and performance management at all business levels of business; be-it exploiting quality people and processes, our business intelligence and knowledge to grow, making effective use of and returns on our money and of course ensuring our continuing and future value to our customers.
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