Risky Business

Every organization has a level of risk they are willing to accept. We call this an organization’s “risk tolerance.” The risk tolerance can be widely known or subconscious, but every decision you make plays into the level of risk your organization is willing to take on. Some companies do background checks for every employee hired; some don’t. Some companies have secured access to their building; some don’t. Some companies invest heavily in stocks; some don’t. Some companies invest in technology; some don’t.

Throughout 2020, a common thread began to emerge amongst companies that seemed to be more resilient when faced with the pandemic's challenges. Many companies already had a robust technology strategy in place, or they quickly implemented technologies that would assist them in moving forward, and they continued to invest in technology.

For example, restaurants that had already utilized technology to offer takeout and delivery services reduced their organization's impact. Companies that already had collaboration technologies in place quickly moved their employees off-site to reduce office infection rates. Organizations that had previously invested in cybersecurity training were less likely to fall victim to the uptick in cybersecurity attacks that ran rampant in 2020 and continue today. Instead of playing catchup, these entities had invested in technology because they realized the value of technology and how it could help make their organization more resilient.

These technology decisions, in effect, played a part in their organization’s risk tolerance. I challenge you to ask yourself, “What’s my organization’s risk tolerance?” “Am I consciously making decisions and investments that reduce or increase the organization’s risk?"