Innovation and the risks of big dreams
The coolest thing I've heard in my risk management career
So we end our first week back after the new year break with the debut post from our NYC based member
. It’s also his debut on Substack, period. From the seemingly simple beginning I suspect that Mike is going to blossom into an essayist with insight, clarity and a sane and much needed perspective on our current world with all of its risks and confusions. The seeds are already there. And above all he has taken the risk and stepped into the arena.This, I think, is the start of something noteworthy.
Enjoy.
TJB
For the first time after the Covid-19 pandemic, my teammates finally had our first in-person event at a Technology & Risk conference. Despite the collective hangover and weak hotel coffee, day two’s energy was as palpable as Houston’s intense humidity outside.
My boss and I took our seats towards the front as a presentation commenced on a ground-breaking biomonitoring device. This device detected proteins that preceded flare-ups associated with a rare disease, providing actionable insights for patients and doctors to enhance patient quality of life significantly.
While the capabilities were impressive, the presentation took a critical turn by posing a sobering question: what if these devices failed? The consequences spanned from minor inconveniences to major tragedies. This innovative solution had inherent risks that needed to be thoughtfully considered as the company expanded.
The stakes highlighted the need for innovative risk management, including protocols for accurate data readings, safeguards for medical decision makers, and improved analysis to detect false negatives.
As a risk manager, I was inspired by how essential these enhancements were to the overall success of the company as the key message emerged that…
“Innovation needs risk management to realize the future we want & deserve.”
Reflecting on this insight and my own career, risk management was often characterized as the voice of caution that often missed the bigger picture and consequently major opportunities. In contrast, innovators tended to favor high-risk, “move fast and break things” approaches that often overlooked potential downsides.
Yet, for this company, a partnership between innovators and risk managers served as the secret sauce to their success. This collaboration not only brough the device from concept to reality but also ensured a safer, brighter future for patients while mitigating or eradicating substantial risk events.
Insights from this company’s experience apply far beyond this example. Innovations such as autonomous vehicles, gene editing, and artificial intelligence (AI) offer exciting potential but also exhibit inherent risks. It is reassuring to see this already happening with AI, for instance, as rapid AI adoption occurs in conjunction with a keen societal awareness of the inherent risk of these tools. Instead of recoiling from these vulnerabilities, we should thoughtfully balance daring and diligence to shape the future that we dream of for ourselves and future generations.
when the only market in town sells western family plain wrap food is fuel, nothing more.
let's get every kid and homeless per a basic level of care before wee squander money on those who need highfalutin monitoring and such,. the goddess gives us each a meat carcass. that should last a lifetime with minimal intervention if one abuses and uses up the hit points early, game over, get yourself recycled.
Consume two moderate meals, walk at least ten miles a week, train your bladder to void every two hours.