A business can turn a systemic threat into an outsized opportunity by first identifying the threat through horizon scanning. This involves identifying the top ten economic, technological, and social undercurrents that could impact the business. Once these undercurrents are identified, the business should then identify the risks and opportunities they could create. This can be done using the FOES Framework: Financial Risk, Operational Risk, External Risk, and Systemic Risk. The business should also train its junior staff to keep a lookout for the right issues and install organizational mechanisms to ensure warnings are heeded. Finally, the business should identify its response window and build an indicators dashboard.
How do you prepare your business for black swan events like pandemics or financial crises? Rogue Wav...
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