When faced with risks, organizations have two basic possible responses.
Rita McGrath shared her thoughts in blog post on The Harvard Business Review. Most organizations are heavily biased toward risk prevention. An alternative is to focus on building resilience so that when the unthinkable happens, you’re better prepared to face it. Look at all the risks you face and play out what you would do if any of them were to come to bear. Having systems in place to respond could save you valuable time, money, and resources.
Thinking the unthinkable and preparing to face it — may serve us better than risk avoidance.
We would always prefer to avoid negative outcomes if possible, and organizations should certainly invest in prevention. It may be wise to remember, though, that investing in resilience can be a complementary and essential component of preparing to face risks.
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