Board of Directors and The Art of Taking Risks

by Alexandrea Roman on March 17, 2014 and last updated on September 24, 2018

According to a research by Liberty Mutual, 53 percent of extension ladder accidents result from the ladder moving. Given this alarming statistic, the company has advised people to ensure that a ladder’s feet are firmly supported on the ground before climbing it.

Liberty Mutual is talking about literal ladders, but we can take the advice and apply it to C-suite leadership. Corporate boards are encouraged to climb the ladder but they have to make sure the ladder’s feet are planted solidly on the ground. In other words, corporate boards should take risks, but only if those risks have already been properly assessed and evaluated, and only if there’s something their companies can fall back on. Risk-taking does lead to innovation and maybe even disruptive technology, but risk management helps prevent a major crisis from happening. Some risks should be avoided while others should be embraced. The secret to success is knowing which is which.

It’s critical for directors to work closely with one another to assess and evaluate risks in an effective manner. A good way to bring directors together is through board of directors software like Convene. Using our system, all members of a board can collaborate on meeting documents wherever they are and whenever they want as long as they have an iPad or an Android tablet. They can also opt to attend board meetings remotely, proving that distance is not a hindrance for directors who want to be more engaged in the decision-making for their company.

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About Alexandrea Roman

Alexandrea is a social media specialist and blogger for Convene.

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