Category Archives: Strategic Risk Management

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Greatest Challenges to Corporate Growth in 2013

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Over at the Innovation Excellence, they are posting a multi-part series on a recent survey of chief strategy officers. The latest part looks at how the average CSO spends their day. There is some bad news for those risk managers who continue to hope that the siloed mentality of companies may be changing: The survey found that chief strategy officers spend just 8% of their time thinking about cultural change.

Well, if they aren’t thinking about it, who would be?

Alas, while great strategy can continue to spur growth, it seems that the status quo is tough to change.

Additionally, however, risk managers should be able to benefit from understanding what CSOs view as the toughest challenges to corporate growth in 2013. The chart above shows that, yet again, changing behavior (this time, customers’) is the biggest hurdle while volatility (chiefly in the political environment followed by uncertainty in the financial markets) makes up the next two largest challenges.

Increased competition and changing technologies round out the top five.

 

How Strategic Risk Management Improves a Company’s Competitive Standing

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A recent survey of risk experts revealed some familiar findings: economic uncertainty, market volatility, regulatory risk and cybersecurity are among the top threats facing businesses in 2012. But according to responses gathered by PricewaterhouseCoopers, which released the results of its first annual “Risk in Review” two weeks ago, there is another concern with which companies are increasingly concerned: competition.

This certainly does not fall into the “emerging risk” category that so many analysts spend their days brainstorming about. In fact, in a sense, this survival of the fittest threat goes back to the primordial days before human—let alone mercantile—history ever began.

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But it is something that few in this corner of the world discuss in terms of being an actual risk, most likely due to the fact that it isn’t something anyone has considered an issue that risk management could help curtail.
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Until now.

Nearly two-thirds (60%) of the more than 1,000 executives and risk management leaders surveyed believe competition is on the rise, and almost three-quarters (73%) of those who work for technology, information, communications and entertainment companies named increased competition as the most critical risk they face. PwC credits this to falling trade barriers and the proliferation of digital platforms that allow easy market entry for everyone from multinational corporations to startups to a single individual working from hom. And it suggests that strategic risks management is the means to combat this competitive risk.

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“In this new risk era, corporate boards and senior management have a crucial role to play to ensure they set the right culture and align their strategy to risk imperatives,”said Dean Simone, leader of PwC’s risk assurance practice in the United States.

More than just suggesting a solution, PwC offers some advice. The key means to better strategic risk management it lists are elevating the chief risk officer, increasing the board’s involvement, integrating risk management into the decision-making process, and bolstering IT’s ability to inform business leaders (through generating better data quality, reporting, forecasting and scenario analysis).

Combined, this can be overwhelming, but it’s the only way to stay ahead of the Joneses. “Risk management leaders have their work cut out for them,” said Simon.

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Managing Strategic Risk: Yahoo’s Crisis

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All the major tech sector firms have their issues. Apple just lost its transcendent leader. Google’s sprawl, some fear, may be leading it down the same path that Microsoft took as it lost its crown as king of the tech mountain. Facebook, well, really, doesn’t have many real problems considering that its rumored-to-be-coming-soon IPO is expected to take in $100 billion. But privacy concerns persist — so much so that an FTC investigation led the agency to mandate the social network to undergo 20 years of privacy audits and obtain consent from users before sharing their personal information.

But such issues pale in comparison to the crisis Yahoo faces, something that is enticing some firms to make a bid for the former tech giant.

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Primarily, the company is suffering from a lack of diversification of its revenue stream. To remain healthy, it likely needs to find ways to make money that aren’t related to email, as the chart above from Business Insider shows. As the publication notes, “For all of its success, at its core, Yahoo is still an email business. People use Yahoo email and then from there land on its other properties. The rise of smartphones and iPads is a problem for Yahoo. On those devices, email is a native application that doesn’t encourage people to checkout Yahoo’s pages.”

We highlighted this threat — which, at least in part, prompted the company to fire CEO Carol Bertz in September — in our annual “Year in Risk” look-back at previous 12 months.

The CEO of Yahoo, a company that helped define the internet as a revolutionary means of communication, found out the old-fashioned way that she had been fired: over the phone. Carol Bartz’s uninspiring two-year reign atop the firm came to end as the company showed little ability to adapt its business model to thrive in either advertising or content creation after partnering with Microsoft in hopes of preserving its original core business — internet search. Yahoo’s stock has yet to recover after cratering in late 2008, leaving many tech analysts to wonder if the company has a future.

It’s hard to say what the company will do to revamp its long-term strategy.

But it is becoming increasingly clear that the current route may be a path to nowhere.

Managing Strategic Risk: It All Starts With a Plan

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There are many ways a company’s long-term strategy can fail.

The problem may be execution. Or perhaps continually shifting the plan aka moving the goal posts (*cough* … Hewlett-Packard). Another common downfall is expanding too fast (*cough* … Toyota). Sometimes companies fall victim to their own success, deluding themselves into believing they can thrive in areas in which they aren’t suited to succeed (*cough* … Bank of America buying Countrywide) or emerging areas they simply don’t understand (*cough* … AIG insuring mortgage-backed securities). Or companies can fail via the inverse: resting on their laurels and failing to change as the world around the does (*cough* … Blockbuster).

In short, there are eight millions ways to die.

There may only be one, however, that predestines a company to fail: starting with a flawed plan. Or, to play on the cliché: failing to plan may be planning to fail — but planning poorly might be just as bad.

To that end, Forbes has compiled a “top ten ways strategic plans fail.” Head over there for the full list but these are the five I consider to be the most insightful lessons.

1. Having a plan simply for plans sake. Some organizations go through the motions of developing a plan simply because common sense says every good organization must have a plan. Don’t do this. Just like most everything in life, you get out of a plan what you put in. If you’re going to take the time to do it, do it right.

3. Partial commitment. Business owners/CEOs/presidents must be fully committed and fully understand how a strategic plan can improve their enterprise. Without this knowledge, it’s tough to stay committed to the process.

7. Having the wrong people in leadership positions. Management must be willing to make the tough decisions to ensure the right individuals are in the right leadership positions. The “right” individuals include those who will advocate for and champion the strategic plan and keep the company on track.

8. Ignoring marketplace reality, facts, and assumptions. Don’t bury your head in the sand when it comes to marketplace realities, and don’t discount potential problems because they have not had an immediate impact on your business yet. Plan in advance and you’ll be ready when the tide comes in.

10. Unrealistic goals or lack of focus and resources.

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 Strategic plans must be focused and include a manageable number of goals, objectives, and programs.

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Fewer and focused is better than numerous and nebulous. Also be prepared to assign adequate resources to accomplish those goals and objectives outlined in the plan.

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