We believe innovation and risk can co-exist and work together instead of being at odds with each other. Further, we know that business transformation and growth always bring a healthy dose of risk and they require innovative thinking to drive change.
Whether your leading innovation in a start-up or a medium- to a large-sized organization, three fundamental characteristics are necessary to optimize the positive balance of risk, speed and successful change.
Control | Agility | Foresight
1) Control
It might seem counter-intuitive to start with control because it is often perceived that control stifles innovation, but the fact is control done right, is an enabler.
Specifically, controls which provide guidance, information, and clarity of focus help stimulate thinking and action. Effective Risk Management practices are built based on an organization’s unique penchant for risk and at the start of a major transformation initiative, reviewing and refining or updating the risk policies becomes an accelerator.
2) Agility
The availability of tools, information, and insights provide teams with confidence to solve problems, remove barriers and spark new ideas. Tools with built-in intelligence can help accelerate stages of a transformation effort while minimizing risk. Examples include decision support tools, custom applications developed for a specific purpose such as migration assessments, organizational readiness analysis and more, and process automation tools providing efficiency and freeing resources to focus on transformation efforts.
3) Foresight
“Business, more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight.” Henry R. Luce, American Publisher, and Editor.
At OneSource, we know that the ability to think strategically and act tactically contributes to business transformation and innovation. Bringing foresight into the risk management process means you have the right know-how and expertise to connect the proverbial dots, see the essential inter-relationships, and bring it all together.
Your business transformation agenda requires a “north star” and a well-defined roadmap to guide your journey. Integrating risk management with these three characteristics – control, agility, and foresight – provides a solid foundation for innovation along the way.
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