Written by: Brett Lyndon – The Pro Forum Community of Practice
We’ve all the heard the saying “Opportunity only knocks once” and if we’re not paying attention it will pass us by. We must be alert to and looking out for those opportunities that life sometimes presents us. And yet when it comes to managing risk in the workplace precious few organisations especially government consider opportunity management as part of their risk management activities.
Opportunity management
Incorporating opportunity management as part of your organisation’s overall risk management activities will enhance strategic resilience and innovation. Opportunity management will ensure alignment with frameworks like ISO 31000:2018 Risk management – Guidelines. Traditional risk management has often focused on mitigating threats to avoid losses however ISO 31000:2018 Risk management – Guidelines suggests an approach that considers both the positive and negative aspects of risk. This inclusive approach encourages organisations to not only protect assets but also to identify and leverage opportunities. Here’s why your organisation should consider opportunity management as an integral part of their risk strategy.
Opportunity management promotes resilience by encouraging organisations to proactively explore areas for growth and improvement such as new markets emerging technologies or innovative partnerships. By systematically identifying and assessing potential gains alongside traditional risk factors organisations can position themselves to adapt quickly to changes build resilience and create sustainable competitive advantages.
ISO 31000:2018 advocates for a comprehensive view of risk that balances both threats and opportunities. This more comprehensive approach leads to more informed and balanced decision-making. Rather than focusing solely on risk avoidance an opportunity-inclusive approach allows leaders to make decisions that are not only protective but also progressive balancing short-term stability with long-term growth objectives.
An opportunity-focused approach ensures that resources such as time and effort are not only used defensively but are also directed toward initiatives with high potential value. The opportunity-informed investment in new projects or strategic initiatives supports the organisation’s goals for growth profitability and innovation creating a more effective use of resources across risk management activities.
Encouraging opportunity management cultivates a proactive growth-oriented culture within the organisation. Employees are more engaged when they feel empowered to contribute ideas and participate in initiatives that drive innovation. According to ISO 31000:2018 embedding risk-aware thinking across teams enhances a positive culture of responsibility and collaboration where employees understand their role in both safeguarding and advancing the organisation.
Opportunity management aligns with ISO 31000:2018’s emphasis on dynamic and continuous risk assessment. By actively seeking opportunities organisations enhance their agility and can adapt to market changes or disruptions. This proactive stance allows organisations to capitalise on favourable conditions and navigate uncertainties with greater confidence and resilience.
While opportunity management offers significant advantages many organisations hesitate to adopt it due to a traditionally risk-averse culture limited resources and the perception of increased complexity. Additionally the absence of clear metrics for evaluating opportunity management success can create uncertainty in justifying its inclusion. Addressing these challenges by integrating opportunity management as a formal practice can improve an organisation’s adaptability promote strategic innovation and foster a more balanced resilient approach to risk.
By embracing opportunity management within their risk management practices organisations shift from solely focusing on threat mitigation to leveraging possibilities for growth and improvement. This approach recommended by ISO 31000:2018 enables them to build resilience foster innovation and achieve a sustainable competitive edge all while maintaining a balanced approach to managing uncertainties.
Do you incorporate opportunity management in your risk management? We would like to hear.
Why does Rudolph champion opportunity management?
Because every foggy night is a chance to shine!
Leave A Comment