Curious Leadership with Dominic Monkhouse E242 | Dealing with Risk In A World of Uncertainty with Michele Wucker
Does everyone in your team look at risk in the same way? When we make decisions on whether to take a risk or not, we all have our biases. Our guest on The Melting Pot this week argues that diverse groups tend to make better decisions as they bring different perspectives. That’s why it’s really beneficial to look at the risk profile of everyone in the room to ensure that your team is looking at risks the right way and understands everyone’s perception of risk.
This week we learned from strategic advisor and best-selling author, Michele Wucker. Michele is famous for having coined the term Gray Rhino – a metaphor that made headlines around the world as a framework for the ignored warnings for the COVID-19 pandemic and has appeared in media in more than 70 countries and 35 languages and counting. It has sent tremors through global stock markets when Chinese officials warned of gray rhino financial risks. Central banks and securities regulators around the world use gray rhino theory, as do business strategists, boards of directors, business continuity and emergency management professionals, insurers, ESG specialists, and policymakers focused on everything from national security to climate change.
In this episode, Michele talks about her latest book, You Are What You Risk: The New Art and Science of Navigating an Uncertain World, about the perception of risk and how people feel about it. Also, she explains how you can ensure that your board, your advisory team or your executive team looks at risks the right way, understanding what those risks might be, and even the perception difference within the team, so that, as you assess how your business moves forward, you don't make the wrong decision. At the end of the episode, Michele shares her perspective on the recent collapse of several banks and how people chose to ignore the signs that led to it.
A great conversation with Michele. Make sure to download and listen to learn more from her.
On today’s podcast:
What is risk?
- How different people perceive risk differently
- The ‘risk fingerprint’ metaphor
- Balancing the different risk profiles in a team
- Dealing with risks as an organisation
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Book recommendations:
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