Fundamentals of Enterprise Risk Management: How Top Companies Assess Risk, Manage Exposures, and Seize Opportunities

By John J. Hampton | Go to book overview

CHAPTER 14
LEADERSHIP RISK

RISK QUOTE: I’ve missed over 9,000 shots in my career. I’ve lost
almost 300 games. Twenty-six times I’ve been trusted to take the
game-winning shot… and missed. I’ve failed over and over
and over again in my life. And that is why I succeed
.

—MICHAEL JORDAN, STAR BASKETBALL PLAYER

RISK QUOTE: I feel that luck is preparation meeting opportunity.

—OPRAH WINFREY, BUSINESSWOMAN
AND TV PERSONALITY

A critical risk involves the leadership of the entity and leaders of key units and initiatives. Rarely discussed in conversations about enterprise risk management, the failure of leadership can be linked directly to unexpected losses and missed opportunities. In this chapter, we examine leadership as a component in an ERM program.


Behavioral Risk

Behavior refers to the actions or reactions of an organism, usually in relation to its environment. Behavior can be conscious or unconscious. A person can know that a behavior is happening or can react automatically to a stimulus without conscious thought. The behavior can also be visible or hidden; it can be observable, or it

-172-

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