Is Your Risk Strategy Like March Madness?
Basketball fans have been glued to March Madness as the U.S. National Collegiate Athletic Association (NCAA) hosted its annual men’s and women’s basketball tournaments.
Millions of fans filled out and submitted brackets, aiming to predict the winners of every game from 68 starting teams to the final two. Even with millions of submissions, the perfect bracket doesn’t exist.
Because predictions aren’t solely about facts, statistics or rankings. Players are human. Games can be unpredictable. In fact, the odds of guessing the winner in every March Madness game is 1 in 9.2 quintillion.
Now think about how you handle the people, processes and situations in your business. You may think you understand the risks; after all, you have data, history, experience, processes and controls, and you run any number of training camps and simulations.
But you need to be agile. To respond to unexpected events, to work with humans whose inspiration is stronger than their potential, to adapt in step with the dynamics of teams and changing business conditions, and to be ready for unforeseen plays and new opportunities.
New opportunities such as digital business growth. All of our businesses have transformed in the last few years, and our newfound digitalization brings new technologies, challenges – and risks – with unprecedented speed and scale.
How do you pivot?
Gartner® has published a research report, 6 Risk Management Principles to Drive Digital Business Success, that outlines the opportunities of digitalization and shares specific recommendations for business leaders.
Download the research report to gain insight into critical success factors in aligning business outcomes, managing adaptive governance, automating, aggregating risk data, and ensuring the accuracy of data input.
Because when it comes to business risk, you want to minimize the madness.