Law 5 – Identify both risks and opportunities, then manage them taking proactive steps
One of the most essential documents in any boardroom meeting is the Risk Register. This simple, yet profound document details all the known risks and opportunities that have been identified together with their probability grading and the required actions of mitigation.
This requires that team members keep their ears and eyes fixed firmly on the emerging trends, competitor activities and market movements. Any identified threat or opportunity is shared, recorded, rated and then regularly reviewed together with any required actions.
Having an updated and functional Risk Register keeps you updated on what others are doing and helps position your organisation into those often-small gaps of opportunity in innovation.