MD: Genesis Corporate Solutions
In today’s volatile business environment, risk is no longer a peripheral concern; it’s a central pillar of strategic decision-making. Whether navigating supply chain disruptions, regulatory shifts, or market uncertainty, leaders must adopt proactive, structured approaches to safeguard their organisations.
I recently read an article on the Forbes website where business leaders from across the world discuss how they manage risk within their businesses. The article explores practical, experience-driven strategies that empower businesses to anticipate, assess, and mitigate risk while maintaining momentum toward growth.
Look to past situations
In every business decision, you have risks and uncertainties. First, you should try to define all risks. If you have had similar situations and experiences, have a look at the past to look for solutions. Create backup plans for different scenarios and be flexible enough to adjust your decision. – Hendrik Bender, Sovereign Speed GmbH
Think through multiple scenarios
You’ll never have 100% of the information you need to make a decision. The goal is to manage the risk and make calculated decisions. I’ve found thinking through at least three different scenarios helps me understand potential risks. Best-case, likely-case and worst-case scenario planning is a good way to flush out possible outcomes. I also try to consider unplanned consequences that could arise. – Julie Thomas, ValueSelling Associates
Eliminate business system silos
Siloed business systems are too rigid to handle uncertain risk. Signals often exist but in disparate places and forms—such as from regulators or affected customers talking with your sales, support or finance teams. Businesses should feed signals from across functions into a unified view for visibility into cash position, future cash inflow and actions that can influence deals or renewals. – Dan Brown, FinancialForce
Control whatever variables you can
Stay informed and analyse past data sets that are similar. Most importantly, control the variables that you can while being sure that you fail fast. Each failure brings you one step closer to success! Just don’t make a habit of accepting failure. – Donald O’Sullivan, Pegasystems
Trust your intuition
This is the exact capability of visionary leaders, who search not only data but facts as well, learn from historical businesses or projects, apply SWOT, calculate risk and determination of mitigations and make a Plan B for consequences. These leaders not only trust their intuition but also never stop learning, taking risks and setting the future. – Majeed Hosseiney, Elements Global Services
Be prepared for a pivot
I recommend a combination of approaches when managing risk. A SWOT analysis can help steer a company or team in a promising direction. I also recommend a pivot strategy if market regulations drastically change. Start with Plan A, but quickly pivot to Plan B if necessary. Do quarterly or even monthly evaluations to determine if you are staying on track. – Matthew Rolnick, Yaymaker
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Research and assess market trends
The future is always uncertain. Leaders must research the market and trends and then assess the information at hand today and make a decision. Sometimes, the best decision is to wait until the future is a bit more certain. – Jan Dubauskas, Healthinsurance.com
Engage regularly
Managing uncertainty requires being engaged and remaining informed so decisions can possess the flexibility needed to accommodate change. Being engaged with customers, regulators and suppliers enables you to help shape their direction in a manner positive to your business. Remaining informed of their leanings enables you to build in the flexibility needed to accommodate their changing positions. – Nathan Ives, DataGlance, Inc.
Embrace and accept change
Leaders should embrace change as the market will change, in good times or tough times. Accept this change and be able to pivot when needed to adapt to new normals, new regulations and other conditions. No one will ever have 100% of the information needed to make decisions, so thinking through different scenarios that could present themselves is always beneficial. – Michael Hines, Demand Management, Inc (DMI)
Make a risk management plan
Apply standard project management and institute best practices for risk management. Make a risk management plan for your business by identifying potential risks and quantifying them the best you can. Plan how to best mitigate those risks based on their likelihood. Create a risk register to track it all and revisit the plan on a regular basis to keep it current as conditions change. – Michael Fritsch, Confoe
Break potential risks into smaller risks
One strong point in favour of managing risk is to go by experience. Experience does help, but the same experiences will not work for Covid. Depending on the situation, I strongly suggest breaking risks into smaller risks. For smaller risks, identify what impact will be caused. Go back and check if any of the experiences of an individual or an organization will help. If it will, apply it. If not, address the risk. – Ashok Bhat, Acronotics
Prioritize contingency planning
Contingency planning has to be part of a firm’s armour when it comes to managing uncertainty. Starting early to plan through what-if scenarios and having pseudo-teams focused on contingency and implementation will be essential. Firms can also work with industry peers and industry bodies to ascertain industry assumptions; these will be critical for benchmarking through contingency planning. – Oluchi Ikechi, Accenture
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Determine if you can manage the risk
Weigh the risk and determine if you can manage it. Start by identifying and evaluating risk, which includes assessing its probability and impact. What do you then do with it? Based on your cost-benefit analysis, you may choose to accept it, take steps to reduce it or transfer it to someone else. A practical analysis will lead to more informed strategic decisions in the face of uncertainty. – Chor Meng Tan, Wiley
Think through the worst-case scenario
Paralysis by analysis can cause unnecessary indecision. Asking yourself, “What is the worst that could happen?” can put circumstances into perspective and help you be more decisive during times of uncertainty. Oftentimes, the worst-case scenario is manageable. – Brandon Rigoni, Lincoln Industries
Unmanaged risk is optional and can be controlled
Risk is inevitable; unmanaged risk is optional and can be controlled. The insights shared by seasoned business leaders in the Forbes article reinforce a critical truth: resilience is built through preparation, not reaction. By embracing scenario planning, leveraging past experiences, and aligning risk strategies with long-term goals, businesses can transform uncertainty into opportunity. In a world where agility defines success, innovative risk management isn’t just a defensive tactic; it’s a competitive advantage.
Business turnaround professionals bring a unique lens to risk management, one forged in the crucible of crisis and recovery. With deep expertise in stabilising distressed operations, they excel at identifying hidden vulnerabilities, stress-testing business models, and re-engineering processes under pressure. Their value lies in their ability to cut through complexity, prioritise critical risks, and implement pragmatic strategies that preserve value while restoring stakeholder confidence. Whether it’s renegotiating debt, streamlining costs, or realigning strategy to shifting market realities, these professionals don’t just manage risk; they reshape it into a roadmap for sustainable recovery and renewed competitiveness.
