Managing risk and the See-Through Economy is all about reducing uncertainty and amplifying positive actions which, in business, is always a good thing. Take fire as an example. With it, you can cook your food and heat your house, but when fire gets out of control, it becomes a disaster. As risk managers, it is our job to reduce uncertainty in achieving our goals as well as preventing distracting mishaps.
So, what can an uncontrolled risk look like at your organization? Each week, preventable risk management disasters take various forms in the headlines. Recently, tech giant Apple discovered a major glitch in their software’s FaceTime feature the hard way. The glitch enabled users to force pick-up on a third-party device, which in turn also gave them audio access. Because Apple did not have a user channel to escalate glitches, it wasn’t until a fourteen-year-old discovered the glitch and his mother reported it via email, fax, and social media that the bug was fixed. Apple lacked a way to engage its user base in a positive way to bring issues to the attention of appropriate teams internally. Not only did this delay the resolution process, an issue that should have been previously taken care of behind-the-scenes was blown up publicly in the age of fast-paced social media.