Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise
A book to help senior executives and boards get smart about risk management
The ability of businesses to survive and thrive often requires unconventional thinking and calculated risk-taking. The key is to make the right decisions—even under the most risky, uncertain and turbulent conditions.
In the book Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, authors Rick Funston and Steve Wagner suggest that effective risk taking is needed in order to innovate, stay competitive and drive value creation.
Based on their combined decades of experience as practitioners, consultants and advisors to numerous business professionals throughout the world, Funston and Wagner discuss the adoption of 10 essential and practical skills, which will improve agility, resilience and realize benefits:
- Challenging basic business assumptions can help identify "Black Swans" and provide first-mover advantage
- Defining the corporate risk appetite and risk tolerances can help reduce the risk of ruin
- Anticipating potential causes of failure can improve chances of survival and success through improved preparedness
- Factoring in velocity and momentum can improve speed of response and recovery
- Verifying sources and the reliability of information can improve insights for decision making and thus decision quality
- Taking a longer-term perspective can aid in identifying the potential unintended consequences of short-term decisions
Praise for Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise
“The financial crisis prompted too many observers to conclude that corporate risk is fundamentally ungovernable. They need to read Funston and Wagner. Surviving and Thriving in Uncertainty is an urgent, practical road map that shows boards, executives and investors that it is not only possible, but necessary, to keep risk under constant watch and control.”
—Stephen Davis, Executive Director, Millstein Center for Corporate Governance and Performance, Yale School of Management
“Surviving and Thriving in Uncertainty is must reading for executives and organizations hoping to prosper in tough times. Interesting and provocative, this book clearly demonstrates that while effective market transparency and oversight are important, we must also restore responsible risk-taking in order to power our enterprise economy forward.”
—Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce
“Too many current boards ignored their risk-oversight responsibilities to the detriment of their shareholders and the economy. While it is management’s duty to set the enterprise’s risk appetite and tolerance, these measures ultimately must be approved by the board. The authors offer boards the voices of experienced directors, along with their wisdom and practical advice, on implementing this most challenging of board responsibilities.”
—Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges LLP
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