26 min 14 sec
There is a certain level of risk associated with every aspect of life. Some things are riskier than others. Jumping out of a plane puts you in more danger than making yourself some toast in the morning —unless in the unlikely event that you happen to live with a homicidal toaster, right? You can look up all the information on your own about how many people die in skydiving accidents every year versus how many die making toast. But you don’t have to — we’ll give you the answer to that question, but, ultimately, what will that information tell you and how will knowing the answer change your behavior?LogicGate is a company that looks at risk fundamentally different from most others. According to Gina Hortatsos, the CMO of LogicGate, risk management should not be fear-driven – in fact, the company considers risk as a strategic advantage. How does LogicGate turn risk on its head in a way that makes it something that its customers not only feel comfortable with but actually leverage to do great things? Find out on Business X factors.
Main takeaways:Knowledge Reduces Fear: Fear of failure stalks the business world and fear is not only a specter for entrepreneurs, even success can provoke anxiety. Hamdi Ulukaya, the founder of Chobani said he was afraid every day while building his multibillion-dollar business because if he failed so many lives would have been affected. A powerful antidote for the fear of failure is increasing one’s capabilities, seeking support, being willing to pivot, gathering knowledge and undertaking research to know the actual risk you are facing. Whack-a-mole Is Not a Risk Strategy: Vulnerability and risk management have traditionally been treated as a whack-a-mole game with managers addressing problems as they emerge. With senior management under ever more pressure to demonstrate compliance and make risk-sensitive decisions, it is important that senior management know where the moles are without having to ask. To do that, capture key regulatory risk metrics, monitor appropriate data and adopt risk metrics across the business. Make sure that you have a persistent view of risk levels that is accessible to all the relevant managers. Mix Passions: We are often told that a “jack of all trades is a master of none,” meaning you should concentrate on that one thing you are good at or passionate about. You could in fact merge two divergent passions into one and trailblaze a new path. Some of your soft skills or your passion for something unusual could lead to a new career or business. ---Business X factors is produced by Mission.org and brought to you by Hyland. For over a decade, Hyland has been named a Leader in the Gartner Magic Quadrant for Content Services Platforms, leading the way to help people get the information they need when and where they need it. More than half of 2019 Fortune 100 companies rely on Hyland to help them create more meaningful connections with the people they serve. When your focus is on the people you serve, Hyland stands behind you. Hyland is your X factor for better performance. Go to Hyland.com/insights to learn more.