Can risk management, if practiced using either ISO 31000 or COSO, address this issue - or is more needed?
Disruption and risk. I like a very recent publication, Deloitte on Disruption. Their definition of strategic risk “Strategic risks are the ones that threaten to disrupt the assumptions at the core of a company’s strategy.”
I also like this comment: “Risk Is Not a Game: Because of the complex world in which companies now operate, strategic risk has earned a rightful position at the top of the executive agenda. Boards want to know that the executive team is “on it,” and CEOs want to make sure they’re not missing it.”
“We live in a world dubbed as VUCA: volatile, uncertain, complex, and ambiguous.”
The challenge facing organizations today is how to anticipate, adapt, maneuver, make decisions, and change course as needed in a VUCA world. And really, the only way to respond is by changing your approach to risk. You’re not out for a leisurely drive, sticking to the straightaway and steering clear of danger. You’re a Formula 1 driver, using every hairpin turn and unexpected development as an opportunity to secure the lead.”