How can strategic thinking skills help you anticipate and mitigate risks?

Early in my career I worked for a boss who prided himself on being able to think three steps ahead. One of his examples was when he was drafted, he went ahead and bought combat boots before showing up for boot camp. He broke them in and was the only guy at boot camp who didn't get blisters. He carried this kind of forward thinking into his government service, and always prided himself on being able to spot trouble and defuse it before it hit. I learned as much as I could working for him and credit him with helping to turn me into a bureaucratic Ninja. What I learned was "trust no one." Anticipate your boss's needs and be there to fill them. Never surprise the boss. Stay in your lane. And, never let them see you sweat.

I think there is a direct correlation between the number of risks you take and the number of times those risks fail that tunes the ability to be a pragmatic strategic thinker later in a career. You can't see around corners unless and until you've taken those turns before. Take enough of them and they create predictive power for the next corner based on all the steps that led up to success or failure before.

la pensée Strategique est la capacité à identifier les évolutions avant qu’elles ne se confirment (Reglementaire, structuration des marchés, mode de consommation, besoins et ) et d‘inscrire l’évolution de l’entreprise dans cette dynamique afin de bénéficier d’un développement supérieur a la moyenne ou accélérer la rentabilité. Elle est un guide fondamental pour tous les acteurs de l‘entreprise. Le leader doit être capable de prendre des décisions parfois surprenantes pour bénéficier de cette avance parfois disruptive ! sans décisions et une forte conviction du dirigeant , effectivement, comme le mentionnent certains commentaires le bénéfice de ce travail se diluerait .

I feel like the key to strategic thinking is the ability to prepare for multiple outcomes and see the big picture. Being able to understand your organization and the realistic paths it may follow over the next 3-5 years is critical because if you plan in the wrong direction you reap very little benefit from the work you put in. I think it's important to ensure you are involving internal and external advisors in your strategy and to make sure you listen to those who disagree with you. They may see a perspective you have not yet considered.

Strategic thinking necessitates one to consider all the alternatives and arrive at the best possible approach for the given situation. Considering alternatives will mean considering the pros and cons of every single scenario. Therefore the risk mitigation approach is an inbuilt attribute of the strategic thinking. It helps us to quickly assess the risks from time to time and guide us to choose the best available option.

Strategic thinking enhances risk management by championing the use of scenario planning. This approach doesn't just react to risks as they arise but proactively creates detailed forecasts of various future scenarios. Such planning encourages organizations to think beyond conventional risk assessment, exploring a wider spectrum of potential events, both positive and negative. By preparing for multiple outcomes, companies can swiftly pivot strategies in response to actual developments, ensuring resilience and flexibility. This method not only mitigates risks but also identifies potential opportunities for growth, highlighting strategic thinking as an indispensable tool for navigating the unpredictable landscapes of business.

Seeing beyond the current state of the business and understanding the internal systems and the external market forces is essential for risk management. By considering the limitations of each system and planning to manage them in advance, as well as understanding market forces through tools like Porter's Five Forces and PESTEL analysis for external analysis, you can not only mitigate risks but also adapt to them in a highly flexible and efficient manner.

L’anticipation quand on a fait le RISK Analysis permet un pilotage de l’entreprise plus efficace. Anticiper le Risque c’est prévoir des le départ la façon de répondre aux problèmes qui sont le lot d’une stratégie d’un programme d’un projet lors de sa mise en œuvre.

When organizations utilize strategic thinking, they can anticipate potential risks by analyzing market dynamics and recognizing emerging trends. This process helps them identify vulnerabilities and assess the probability and impact of risks, while also developing contingency plans to mitigate their effects. By encouraging a proactive mindset, strategic thinking can also help organizations identify opportunities that can offset or mitigate potential risks.

Listen Listen Listen. For decades, I’ve been preaching that to understand a clients needs you need to be a good listener and know how to ask the right open ended questions to get your client or prospect to open up and share what their needs are as well as what things they are comfortable managing and what they’d like help with. As business developers, we have two ears and one mouth and we need to use them proportionately… There is no “one size fits all” solutions out there so remember each client or prospect is unique so treat them that way if you want to be successful.

Start to think in cause and effect. Why would X happen, what makes X happen? Keep doing that, and in doing so note those causal relations, until you reach some boundary to the problem; some externality, some supposedly unconstrained resource (e.g. available population, capital, natural resource like water). And yes, ask feedback and challenge to your (mental) model. Then you start to understand what (in)action or decision today, is likely to cause you to move towards the goal. In other words, adopt a systems thinking mindset.

Lamentablemente, debe separarse lo que se transfiere o cambia, de lo que no. Señalo esto porque muchas habilidades se tratan de talentos, y por ende, son intransferibles o difíciles de transferir. Por esta razón, el primer paso es identificar con precisión las habilidades que se necesitan y luego diseñar acciones para su acceso o desarrollo. Las habilidades que se pueden transferir demandarán mucho entrenamiento y compromiso; y las que no o son difíciles de transferir, hay que buscarlas al interior o fuera de la organización.

Um strategisches Denken in einer Führungsebene einzuführen, braucht es nach meiner Erfahrung eine Kultur des grossen Vertrauens und eines klar definierten Personenkreises. Erst innerhalb dieses Kreises kann ein Führer/Leader dann eine Atmosphäre schaffen, in der die Teilnehmer das Vertrauen fassen sich frei zu äußern, ohne Sanktionen zu befürchten. Er/sie befähigt somit erst die Teilnehmer, sich auf einander und dann auf strategisches Denken einzulassen. Davor haben die meisten Menschen im Management aus meiner Erfahrung schlicht Angst. Wenn alles gedacht werden darf, bleibt kein Risiko aber auch keine Chance unerwähnt. Und der Prozess wird Teil der Führungskultur.

Standard tools such as SWOT, PESTLE, etc. are helpful, but these tend to form long lists and don't do well to differentiate where your organization is more set up to be exposed (And/or benefit). Doing this well involves not just identifying the top trends but also your beliefs - agreeing and discussing how you see these going forward. This allows you to isolate assumptions you must constantly test as you execute your strategy.

Strategic thinking requires taking a systems perspective which can be achieved using a combination of analytical frameworks. However, it is critical to understand that the insights developed in this manner are for ‘now’. To anticipate and mitigate risks in the future, the further requirement is to think ahead about the implications of your plans and actions, potential impact on - and reaction of – key stakeholders, and potential changes in the system. There is no magic bullet to anticipate and mitigate all the risks even when utilising risk management frameworks, but asking open-questions, carefully listening, challenging current thinking, and being prepared to challenge our own assumptions would take you one step forward.

Considero que la educación y la experiencia integral son las mejores herramientas para una buena planificación estratégica. Cuando Investigamos, observamos, estudiamos y escuchamos de forma abierta a nuestro alrededor y ponemos en práctica todo esto, podemos adquirir un pensamiento estratégico.

Im Risikomanagement geht es vor allem darum Risiken frühzeitig zu identifizieren, zu reduzieren und für den Fall der Fälle gut darauf vorbereitet zu sein. Die Kunst der Strategieentwicklung in diesem Bereich findet sich darin, möglichst viele Risiken zu identifizieren und sich darauf gut vorzubereiten. Dies endet nicht darin, das Risiko weitestmöglich zu minimieren, sondern beinhaltet auch einen Plan zur Schadenminderung.

STRATEGIC SIMULATION GAMES, like InnoBall (Innovation Brainball) are the best tools to develop strategic thinking skills for rsik management. Play them frequently until you start playing them SUBCONSCIOUSLY. Afterwards you'll anticipate risks on autopilot wonderfully because the subconscious mind wiorks 200 000 000+ time faster.

Applying strategic thinking skills for risk management involves a multifaceted approach, combining foresight, analysis, and planning to identify, assess, and mitigate risks. Here’s a structured way to apply these skills effectively: Understand the Context and Goals Clarify Objectives Identify Stakeholders Gather and Analyze Information on nternal and External Analysis

Too often the Risk Management function is viewed as an obstacle to avoid or overcome in order to move forward in business. To overcome that perception Risk Managers must learn how to be heard saying 'yes' to innovation and change, while identifying potential consequences for decisions. The best Risk Managers know this is the path towards Risk Management being viewed as a competitive advantage within their organization.

Every company prides itself to succeed at all costs. Many are geared towards achieving efficiency without serious consideration of using wholesome strategic thinking, which is usually limited to a select few, mostly in the upper echelon of the organization. It’s important to inoculate the company vision and mission into every employee and develop platforms for their active engagement. Set quantifiable goals and establish expectations. Then we propagate it at every leadership level, to promote active problem solving and cooperation within. The you will establish a champion minded organization, bent on winning.

Completely agree Charles. A successful Risk Manger that is able to reduce their employer’s loss cost and ultimately their Total Cost of Risk will be viewed as a profit center, rather than a expense, of their organization.

Dafür halte ich drei Dinge für wichtig: a. strategisches Denken sollte als eine Königsdisziplin und so höchste Wertschätzung in dem Kreis der Führung haben b. das Vertrauen der Verantwortlichen Führer/Leader zu einander muss gewährleistet sein c. Es darf keine Rücksichtnahme und damit Taboos im Denken geben. Dann kommen alle Chancen und Risiken auf den Tisch.

Well said. I think the best attorney-client relationships are based in trust. Clients hire a lawyer for their knowledge of the lay of the land. I think there’s been an erosion of that trust, for some reason. Let’s get back to that!

Strategic thinking involves understanding the ultimate goal/objective, analysis of the competitive environment, and development of an execution plan to achieve the goals. It operates within a framework that considers both long-term and short-term perspectives enabling teams to anticipate risks, challenges and opportunities. Change is a constant, technology is accelerating at an exponential pace and the ability to leverage strategic thinking and planning is increasingly critical for all businesses.

Strategic thinking fosters a proactive mindset: Instead of reactively addressing risks as they arise, strategic thinkers proactively identify potential risks, analyze their likelihood and impact, and develop contingency plans. Strategic thinking encourages systems thinking: Risks rarely exist in isolation; they are often interconnected and can have ripple effects across various aspects of an organization or system. Strategic thinkers adopt a holistic perspective. Strategic thinking promotes continuous learning and adaptation: As environments and circumstances evolve, new risks can emerge, and existing risks may change. Strategic thinkers understand the importance of continuously scanning the landscape, and adapt approaches.

'Risks' are one extreme of the bell curve, but opportunities are at the other. In over indexing on risk management your team can get stuck in protection mode rather than growth mode.

In a middle-market #mergersandacquisitions process, #TMVinc was hired as an addition to their typical legal, financial, operations #due-diligence teams for #Algorithmic #ReThinking of events that would likely trigger a trojan horse and major ransomware at IPO time. In objectively analyzing and integrating 4-pillars at the intersection with problem definition we were able to uncover something that would have turned a lucrative deal into RoadKill.

Sumaría como parte del pensamiento estratégico para la gestión de riesgos el uso de herramientas de software que puedan ayudar principalmente a analizar y cuantificar las probabilidades de ocurrencia e impactos de los riesgos identificados a partir de la generación y análisis de datos. Aunque esto no reemplaza la experiencia y visión estratégica si sirve como complemento y medio de gestión. Hay que recordar que los riesgos no se eliminan y estarán presentes en todo momento. Por ello hay que contemplar estrategias de mitigación o manejo de riesgo que resumiría en las siguientes: - Acciones de detección, identificación y definición - Acciones de trasferencia o explotación de riesgo - Acciones de mitigación o supresión