With good risk management you dont need luck

Every business operation carries an element of luck. Right place, right time. A chance encounter. A fortunate break. But for leaders who rely on luck as their primary strategy, the results are often unpredictable, unsustainable, and indefensible.

Risk management is the best tool available for a business to increase the prospect of it achieving its objectives. An effective risk management program does not guarantee success, but it will decrease the likelihood of something undesirable happening and/or if it does happen the size of the loss.

Bad things happen, however a Board or Executive that fails to implement an effective risk management system simply cannot mount a defense that they made all reasonable efforts to prevent those things from happening.

Managing uncertainty doesn’t mean eliminating risk altogether—it means understanding it, preparing for it, and creating systems that allow for agility and adaptability. The best leaders don’t leave success to chance; they create the conditions that make it more likely.

Luck will always play a role in business. But as a leader, the real question is: Are you relying on it, or are you managing it?

Contact ⚡Virtus Advisory⚡ to learn more.