Quotes are collections of words that can transcend time creating literary legends in as few as one breath. Marcus Aurelius, Plato, Gandhi, Bukowski, Emerson, Hemingway, and even Gordon Gecko have given us quotes that make us think, motivate us to act, and even question the world around us. I have always been a sucker for a good quote of wisdom, it can truly uplift your soul in a time of need, whatever that need be.
Below I have outlined a few quotes I think all risk leaders and professionals should know as they take on their challenging roles of steering their organizations through a sea of uncertainty towards a paradise that awaits beyond the mist. I hope these literary tidbits will help you in some way whether it be motivation or simply observing risk from a new lens.
“We live in the objective and die in the subjective”
As risk leaders we are only as good as the recommendations we present to management and the analysis we provide to help drive intelligent risk-taking and improving decision-making. Objective data is one of our greatest assets in avoiding cognitive biases which can pollute our decision-making in group settings and on an individual level. Subjective data has its place in building context around our decisions, to give depth to our recommendations but it should never be allowed to take up more of the pie than objective data.
Gut instincts, judgment calls, emotional reasoning, or using past experiences to drive future decisions are all ways we can fall into subjective traps that lead to disaster. Numbers never lie, and facts do not deceive. Objective data should be the star of our Broadway play, the subjective merely backup dancers to help echo and support the data we wish to highlight. If we were to lean too heavily on the subjective our successes turn to mere luck and our failures numerous in the long run. Make sure to always live in the objective, not die in the subjective.
“Make sure the juice is worth the squeeze”
Many may have heard this quote before. It was made famous by an adult film director involved with a girl next door in a 2004 rom-com movie. This is kind of my go-to risk management quote and one I think all industry professionals should live by. For me, this quote means whatever actions we are taking make sure the result is worth the effort being invested. The end must justify the means (moral means of course). If a risk leader implements mitigation strategies to deal with a current hazard, the projected impact must justify the resources, energy, and time put into it. In gambling terms, if you are going to push all your chips in the middle of the table it better result in a jackpot.
“Leaders always have the right questions”
The late, great Jack Welch one said this quote which puts an ironic twist on “leaders always have the right answers,” the right answers we hope. For risk leaders, this quote embodies the inquisitive nature that is required in our profession. An inquisitive mind is a characteristic of all great risk leaders and any leader for that matter. We must question everything even ourselves from time to time to ensure we are gathering the right information to make the best decisions for our organizations.
A great educator Alison King once said, “great thinkers are great questioners”. Critical thinking is driven by great questions, questions that can unlock answers to questions we didn’t even know to ask. A relentless pursuit of information is a requirement to be a great risk leader. Question the reality around you, sometimes it truly is stranger than fiction.
“Decisions are made in the present and evaluated in the future”
The moment a decision is made whether to launch a new product, diversify into other markets, or implement strategies to mitigate risks, these decisions are not made in the past nor the future, they are made in the present. Unfortunately, we live in a world where hindsight is the judge, jury, and executioner of our decisions. We see everyday articles streaming across the internet picking apart decisions made my business and governmental leaders after the decision has been made. We as humans may suffer from optimism bias when we make decisions (underestimating loss and overestimating success) but this does not mean we know how our decisions will play out in a world where the future is nothing but a minefield of randomness which can derail the outcomes we seek.
All we can do as business leaders is to make quality decisions with the best outcome in mind, and we should try to judge our decisions at the time they are made not after the fact. We cannot control the variables that impact our decision’s outcome, we can only control the decisions we put into effect. As risk leaders, we must focus on the choices we are making today if we pour ourselves into this effort the success rate of our actions will follow suit.
“Sometimes failure is not an option, it is the only option”
Hear me out before hitting the comments section with blistering rebukes of the above quote and let me proactively retort. This quote is more philosophical, in no way am I advocating we fail at everything we do but hear me out. Einstein said it best, “a person who never made a mistake never tried anything new.” In a world where the risk landscape is rapidly transforming, we must always be willing to try new techniques, new ways of dealing with the possibility of adverse events impacting our organizations on a significant level.
Out of the box thinking, creativity, and imagination in creating solutions is a necessity to be a great risk operative in a world of evolving risks. Coming up with innovative solutions is not without the risk of failure, but as leaders, we must be willing to fail forward if we are to succeed in the long run. This is why failure should always be an option if it is not then we are simply failing to come up with good enough ways to deal with the risks that threaten our organization’s survival.
Wrapping Up
We all have quotes we live by whether in our personal or professional lives. I wanted to share a few that I carry with me to do the best I can as a risk leader within my organization. These quotes are not for the risk-averse or those paralyzed in making decisions due to a lack of courage. Leaders must rise when others won’t, to show the light for others to follow. What quotes do you live by as a risk professional that help your organization be the best it can be in navigating the randomness of this world?
