The modern business climate demands a new risk management strategy Mastering Strategic Risk: A Framework for Leading and Transforming Organizations is a comprehensive guide to redesigning organizational systems to better manage the risks and complexities of the modern world. Based on the notion of Create, Facilitate, and Support, the book provides a roadmap to ensuring optimum performance in even the most challenging circumstances. Whether applied to a system or an entire organization, the ideas presented can help unlock a business's potential and ensure a sustainable advantage. Modern business leaders face unprecedented challenges, and risk management has become a strategic priority. Traditional management frameworks are outdated, and cannot be re-tooled to effectively account for the demands and complexities of the 21st century. Instead of adjusting old, ineffective models, businesses are better served by implementing an entirely new model custom-built to lead organizations through today's business environment. Mastering Strategic Risk describes this brand new framework, and provides the tools and background leaders need to remain effective in this new age. Topics include: • The three forces behind customer behavior, competitive advantage, and a culture of discipline • New major change agents that drive complexity and intensity • Tools that help identify and mitigate the biggest risks to operations • A new HR model to drive peak performance and galvanize employees The book contains well-known real-world examples from Wachovia, Toyota, World-Com, and Citrix, that illustrate key concepts within the new framework and demonstrate the core elements of modern risk management. For the savvy leader looking to push an organization to the next level, Mastering Strategic Risk: A Framework for Leading and Transforming Organizations provides a brand new model for effective management.
Preface xiii Acknowledgments xv INTRODUCTION Mastering the Complexities of a New Age 1 CHAPTER 1 The Round World, the Square Pegs: Redesigning Organizations to Manage the Risks of a Different World 5 Righting the Ship: Managing the Complexities of a New Age 5 The Untold Story of Wachovia s Demise: The Rise and Fall of an Industry Giant 7 A Symptom of a Much Larger Challenge 12 The Burning Platform: Why the Need for Change 14 Leveraging the Power of People 15 A World of Patterns: Does Nature Hold the Answers? 16 References 17 CHAPTER 2 The Three Elements: Creating, Facilitating, and Supporting Your Competitive Advantage 19 A Framework Taken from Nature 19 The Human Body as an Example 22 Ecosystems 25 The Three Elements and Our Marketplace 26 The Three Elements and the Auto Industry 31 The Three Elements and Organizations 32 The Creative Element in Organizations 34 Information Technology as an Example 36 Everything Old Is New Again 36 Summary 38 Questions 38 Note 39 References 39 CHAPTER 3 The Three Forces: Mastering Strategic Risk with Repetition, Balance, and Movement 41 Anticipating Change: Toyota 41 Three Forces that Dictate Performance in Systems 43 Movement and Change in Nature 44 Movement, Balance, and Repetition in Our Marketplace 48 Change, Balance, and Repetition in Organizations 51 The Three Elements and Forces and Our System of Government 54 The Federal Government Supports, Facilitates, and Creates: A Fractal View 57 The Federal Government and Oversight 58 A Holistic Approach 59 Summary 60 Questions 60 References 61 CHAPTER 4 Transforming the Corporate Agenda: Applying the New Learning to Master Strategic Risk 63 Aligning the Three Elements and Forces for Impactful Results 63 The Three Elements as Key Drivers of Organizational Performance 65 Creativity and Innovation through the Lens of Industry Leaders 67 Identifying Additional Centers of Creativity and Growth in the Most Unlikely of Places 71 Growth through Facilitative Functions and Capabilities 74 Growth through Supportive Functions and Capabilities 76 Repetition and Operational Excellence 78 Wachovia and Merger Integration 78 Managing Movement and Change 81 The Value of a Transformation and Change COE 81 The Importance of Measuring Key Controls and Activities 83 Assessing Key Drivers through the Universal Guide 85 Summary 88 Questions 89 References 89 CHAPTER 5 Risky Business: Why the Environment Should Matter to You 91 Our Self-Centered Interests 91 The Truth about Systems 94 Our Commercial Ecosystem 94 Driving Growth and Shareholder Value through Sustainability 98 Demystifying the Myth ... What Really Is a Corporation? 100 A Lesson on the Environment and Sustainability 101 Other Factors Driving Commerce 104 Improving Our Interaction with the Planet 105 Making the Case for the Environment 110 The Corporation and the Community 110 The Realities of Life Downstream 111 In the End, It s About the Individual 112 Summary 113 Questions 114 References 114 CHAPTER 6 Governance, the Cornerstone of Risk: The True Role of Accountability in Organizational Systems 115 Governance in Natural Systems: The Human Brain as an Example 115 WorldCom and the Bernie Ebbers Story 117 Strategy and Governance 120 Complacency and Governance 123 The Role of Accountability in Systems 123 Accountability at Adulant Technologies 124 The Importance of Roles and Responsibilities 125 A Crisis of Corporate Culture: The Story of News Corp. 127 The Independent Board of Directors 130 Summary 132 Questions 133 Notes 133 CHAPTER 7 The Game Changer: Stewardship Taming the Land Grabbers, Passive Aggressors, and the Mighty Ogre 135 The Coup d Etat 135 It s Time for Change 137 A Profi le in Leadership 144 Summary 151 Questions 152 References 152 CHAPTER 8 The Risks of Human Capital: Unleashing the Conceivers, Deal Makers, and Sustainers 153 A New Human Resources Model 153 The Internet Example 164 A New Model for Evaluating Teams 165 The Diversity Trap 169 The Three Forces and the New HR Model 170 Summary 173 Questions 174 CHAPTER 9 Waking Sleeping Giants: The Importance of Empowering Employees 175 The Empowered Employee: The Key to Driving Peak Performance 175 Citrix Systems Inc.: Cultivating a Culture of Empowerment 178 Adapting to a Mobile Workforce 180 Employee Engagement and Its Linkage to Empowerment 181 A Professional Development Journey 183 Reinvention and the Individual 185 The Learning Organization s Connection to Movement and Change 186 The Importance of Infusing New Blood into Your Organization 189 Employees Driving Shareholder Value 190 Tapping Employee Resources to Enhance Value 191 Do They Have a Dog in the Fight? Engagement through Creating a Compelling Vision 192 Seizing the Opportunity at Hand: A Message to Employees 196 Summary 198 Questions 199 References 199 CHAPTER 10 The Shining Moment: Unlocking the Potential and Promise of the Twenty-First Century 201 Henry Ford: Riding the Wave of Converging Forces 201 Our World Then and Our World Now 203 The Call for Transformation 204 Mastering Change Matters More Now than Ever Before 205 Enhanced Capabilities Driving Change 207 Human Beings: Our Greatest Natural Resource 208 Man s Coming of Age 210 What Will Be Our Lasting Legacy? 213 The Way of the World: Revisiting the Core Elements and Forces 215 The Emerging Steward: Why Organizations Must Lead from the Edge 217 The Masters of Our Fate 218 Summary 220 References 221 About the Author 223 About the Companion Web Site 225 Index 227
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