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From terrorism to technological disruption: Leaders need to tackle risk - The Globe and Mail
DAVID ISRAELSON
Special to The Globe and Mail
Published Wednesday, Jan. 27, 2016

“Not only do they have to think about and worry about economic changes and what their competitors are going to do, they now have a whole new level of political and regulatory risk,” Ms. Ecker says.

“You can’t predict in some cases how a policy maker is going to move. We’re seeing that in China now.”

At the beginning of 2016, as markets began a steep slide in China, that country’s regulators twice activated a “circuit breaker” mechanism to halt trading, only to abandon it after it appeared to make the drop in the market even worse.

The lesson is that sometimes “business practices and even business products that seem acceptable today, for whatever reason, when something happens can be considered things you shouldn’t be doing. There’s more policy unpredictability than ever before,” Ms. Ecker says.

“In an increasingly risky world, a CEO needs to be increasingly flexible and adaptable. You also need to have a team and know what the latest threat might be.”

That isn’t necessarily easy, she adds. “There’s no rule book. When I was in politics, people used to ask me what we should anticipate. I’d tell them, ‘Read science fiction books.’ ”....CEOs in today’s risky world also need people skills that may not have been necessary before, says Shaharris Beh, director of Hackernest, a Toronto-based not-for-profit group that connects worldwide tech companies.

“CEOs have always needed strong skills around rapid decision-making and failure mitigation. In today’s hypercompetitive startup business climate, leaders need two more: pivot-resilience and proleptic consensus leadership,” he says.

“Pivot-resilience is the ability to tolerate the stress of gut-wrenching risks when dramatically shifting strategy. In other words, be able to take the blame gracefully while still warranting respect among your team members.”

Proleptic consensus leadership is especially important for startups, Mr. Beh says. “It’s the ability to garner the team’s support for taking big risks by giving them the assurance of what backup plans are in place should things go sour.”

This consensus building “is how you keep support,” he adds. In a volatile economy, “people can jump ship at any time or even unintentionally sabotage things if they’re not convinced a particular course of action will work.” So you have to constantly persuade.
science_fiction  law_firms  law  risks  CEOs  risk-management  disruption  BLG  leaders  pivots  resilience  consensus  risk-taking  contingency_planning  unpredictability  political_risk  regulatory_risk  policymakers  flexibility  adaptability  anticipating  people_skills  circuit_breakers 
february 2016 by jerryking
Risky Business: BLG Sees Cyber Risks Underlining Challenges To Canadian Businesses
December 16, 2014

Borden Ladner Gervais Outlines 2015’s Top 10 Business Risks--Borden Ladner Gervais LLP’s predictions for 2015 are decidedly more worrying, as the firm issued a top ten list of business risks. At the top of the list, the firm says, is cybersecurity and the risks businesses face from hackers, data leaks, and social media. Others include risks related to First Nations land claims, anti-corruption enforcement and consumer class actions sparked by an increasing number of product recalls.
cyber_security  data_breaches  risks  cyberrisks  predictions  law_firms  Bay_Street  social_media  resilience  land_claim_settlements  product_recalls  anti-corruption  BLG  class_action_lawsuits 
january 2015 by jerryking

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