3. Governance and the Psychology of Risk
Volatility, in the VUCA world, means greater frequency and scale of the uncontrollable, unpredictable events that alter the competitive landscape. In less-connected times, a local business might only be affected by local or national events. Today, because of connectedness, there are more pesky competitors, suppliers, regulators, stakeholders, and discontinuities in customer preferences in far-flung places that can buffet the business.
Faster business change is a necessary adaptation to this volatility, but that introduces additional business risk, which from my point of view is the natural volatility of change outcomes (SOCKS: shortfalls, overruns, consequences, killed, and sustainability). Change risk ...
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