Taking Charge of Risk

In the US Army, we learned to rely upon a simple 5-Step Risk Assessment process that effectively identified and mitigated strategic, operational, and tactical risk. The process was incorporated into any planning process, from developing a live-fire training exercise, to deploying a force to the Balkans or the Middle East, to planning an attack to defeat an enemy. In the corporate world, we employ the same process every time we conduct strategic planning, open up a new branch of the company, acquire a new business, roll out a new product, stand up a new manufacturing center, open up a new delivery route, or take on a new customer. The process covers lots of ground. How does it work?