Risky Business

What is a risk? More importantly, why is it even needed to be taken, if we are perfectly happy the way we are?

The answer could hold roots in the fact that, no life is perfect, no country is safe and no business is ever flourishing. Call of duty, will to survive, just the urge to excel or some unfathomable caprice pushes all of us living beings into inviting that flirtatious temptress(risk) onto our doorsteps.

A ship cannot refute the basic purpose of its existence just because it might have to sail through rough weather. A soldier cannot sit in the safety of home. An industry cannot be stagnant.

On one side there are most of us, who fear risk, and that fact is wholly and truly appreciated by the entire Insurance Industry and a lot inter-related sub-industries. And then there are others, who take outrageous chances and audacious steps.

There are a lot of examples where one small careful step salvaged the entire organisation, and on the other hand when an almost a quixotic deal, became the most important and successful one in the life history of the enterprise. There are ferocious advocates to both sides of the argument as to which one is the wisest way to grow, but what is mutually agreed by both, is the need to understand and manage risk.

World economies, disturbingly interconnected, resemble dominoes, one falls, all fall. In these times, no foolhardy steps are acceptable. So new world peace is risk assessment,mitigation plans, and risk retention to be part of daily business jargon.

I believe, if there is an obvious storm, the shrewdest will hold their precious ship in the harbour, or may by de-tour. The catch is to know, when and where is the storm coming.