Risk is an integral part of business, which can take you to the top or contribute to your downfall. That is why it is so important to learn how to manage it – wisely, consciously and sensitively. Many people see risk as the enemy, which threatens the stability and success of the company. Meanwhile, I see it as something more – an opportunity, a chance for growth. Running a business, many times I had to make decisions that involved a lot of risk. However, with prior analysis, preparation and appropriate hedging measures, these risks became controlled challenges. Risk management is not about avoiding mistakes at all costs, but about being prepared for them and reacting quickly, when they occur. The financial sector is a prime example of masterful risk management, especially after the global financial crisis of 2007-2009. Many banks, learning from the mistakes of that period, have introduced advanced resilience tests , the so-called. stress-tests, which allow to simulate the effects of potential economic crises. With this strategy , these institutions can assess their ability to survive difficult economic situations, which, in many cases, has allowed them to emerge from subsequent challenges almost unscathed. Risk management has become there not only a regulatory requirement, but also one of the key strategic pillars of operation. However, risk is not just the domain of large companies. Even small and medium-sized companies have to face it . The owner of a local bakery, who invests in a new production line, is taking a risk. An entrepreneur, who enters a foreign market, risks even more – resources and sometimes the future of the company. Without a plan for failure, even the best ideas can end in disaster. So what does risk management provide? First of all, confidence in action. Knowledge of possible risks allows us to sleep more peacefully – not because, because the risk disappears, but because we are ready for it. Good risk management is also an investment in the future of the company. With it, we can not only minimize risks, but also make better use of opportunities, that might otherwise pass us by the nose. In my work I always emphasize, that risk management is not a one-time task. It is a process, which requires systematic, analysis and courage to act. Sometimes you have to look a risk in the eye, understand it, and then turn it into action, which will lead us towards success. This is what differentiates leaders from the rest – the ability to see in risk the potential, not just the threat. At the end of the day, each of us faces a choice: to run away from the risk or to take it and move forward. In business, this choice often determines everything – survival, success, the path we will take. So, let’s take risks. But let’s do it wisely.

Beata Drzazga is the founder of BetaMed S.A., one of the largest medical companies in Poland. As a member of Corporate Connections Group CC1 Warsaw and co-organizer of the New Technology Conference in Palo Alto, understandsvery well, how innovation shapes the future of business. Dean of the Faculty of Medicine at the Upper Silesian Academy in Katowice, Poland, Supports economic missions and received the title of Nevada State Business Ambassador from the Governor of Nevada . Źródło: Biznes World