{"id":157,"date":"2018-03-15T13:37:54","date_gmt":"2018-03-15T13:37:54","guid":{"rendered":"http:\/\/beta.hofferplastics.com\/?p=157"},"modified":"2025-08-08T09:06:40","modified_gmt":"2025-08-08T14:06:40","slug":"taming-the-lions-a-simple-approach-to-managing-risk","status":"publish","type":"post","link":"https:\/\/hofferplastics.com\/resonations-newsletter\/taming-the-lions-a-simple-approach-to-managing-risk\/","title":{"rendered":"Taming the &#8220;Lions&#8221; \u2014A Simple Approach to Managing Risk"},"content":{"rendered":"<ul>\n<li><img loading=\"lazy\" decoding=\"async\" src=\"..\/..\/wp-content\/uploads\/2018\/09\/iStock-97992631-300x225.jpg\" alt=\"\" width=\"300\" height=\"225\" \/>Make Risk Management part of annual and long term planning<\/li>\n<li>Select a cross functional team to:\n<ul>\n<li>Identify Risks\n<ul>\n<li>Try \u201cWhat if\u201d scenario analyses or \u201cWar games\u201d sessions<\/li>\n<li>Great fun and great for team building<\/li>\n<\/ul>\n<\/li>\n<li>Analyze and quantify risks\n<ul>\n<li>Simple spreadsheet:\u00a0list, number, describe and quantify the impact of the risk<\/li>\n<\/ul>\n<\/li>\n<li>Develop action plans for the most critical risks.\u00a0The goal is mitigation \u2013 \u201clion taming.&#8221;<\/li>\n<li>Regularly track, update and report on status<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Keep it Simple<\/h3>\n<ul>\n<li>Risk management doesn\u2019t have to be an all-consuming\u00a0process, and not all risks need actions.<\/li>\n<\/ul>\n<p>Try this simple tool for plotting and prioritizing risks that your team has identified:<\/p>\n<ul>\n<li>Proactively address the green box (\u201cLions\u201d) and ignore the reds (\u201cLambs\u201d).<\/li>\n<li>Monitor the yellows and re-prioritize if things change<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"impact-versus-immediacy\" src=\"http:\/\/www.hofferplastics.com\/wp-content\/uploads\/2018\/09\/impact-versus-immediacy.png\" alt=\"impact-versus-immediacy\" width=\"800\" height=\"393\" \/><\/p>\n<p><em>Source:\u00a0Strategic Market Management, David A. Aaker, 10<sup>th<\/sup>\u00a0Edition<\/em><\/p>\n<h3>A Few Examples: ERM (Enterprise Risk Management) in Action:<\/h3>\n<p>U.S. soft drink companies saw the long term decline in carbonated soda consumption as a critical risk to their core businesses.<\/p>\n<ul>\n<li>They proactively acquired and built non-carbonated beverage portfolios (waters, teas, juices, energy drinks) which have continued to deliver strong growth.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"iStock-155073322\" src=\"http:\/\/www.hofferplastics.com\/wp-content\/uploads\/2018\/09\/iStock-155073322-300x200.jpg\" alt=\"iStock-155073322\" width=\"300\" height=\"200\" \/><\/p>\n<p>Coca-Cola partnered with local community resources to address the challenge of distributing its products to remote areas of the globe.<\/p>\n<ul>\n<li>Since 2012, Coca-Cola\u2019s \u201cProject Last Mile\u201d has delivered a broad range of vaccines, medicines and medical supplies\u2014alongside Coke products\u2014to millions.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"iStock-928320622\" src=\"http:\/\/www.hofferplastics.com\/wp-content\/uploads\/2018\/09\/iStock-928320622-300x197.jpg\" alt=\"iStock-928320622\" width=\"300\" height=\"197\" \/><\/p>\n<p>A decade ago, GE faced heavy public criticism and fines regarding its track record and history of environmental issues.\u00a0The company saw this as a critical long term risk\u2014but also an opportunity.<\/p>\n<ul>\n<li>GE created and launched its Ecomagination line of environmentally friendly products, now a multi-billion dollar business segment.\u00a0(Source:\u00a0AICPA)<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"iStock-636021900\" src=\"http:\/\/www.hofferplastics.com\/wp-content\/uploads\/2018\/09\/iStock-636021900-300x200.jpg\" alt=\"iStock-636021900\" width=\"300\" height=\"200\" \/><\/p>\n<p>Hoffer Plastics Corporation identified the long term risk of weather related power outages in the Midwest\u2014a clear High Impact, High Likelihood \u201cLion.&#8221;<\/p>\n<ul>\n<li>Hoffer\u2019s founder invested in an onsite power co-generation plant that can also provide electricity to the surrounding community in the event of an emergency.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" title=\"iStock-527239446\" src=\"http:\/\/www.hofferplastics.com\/wp-content\/uploads\/2018\/09\/iStock-527239446-300x200.jpg\" alt=\"iStock-527239446\" width=\"300\" height=\"200\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Make Risk Management part of annual and long term planning Select a cross functional team to: Identify Risks Try \u201cWhat if\u201d scenario analyses or \u201cWar games\u201d sessions Great fun and great for team building Analyze and quantify risks Simple spreadsheet:\u00a0list, number, describe and quantify the impact of the risk Develop action plans for the most&hellip;<\/p>\n","protected":false},"author":5,"featured_media":159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,10,8,9],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation","category-leadership-values","category-resonations-newsletter","category-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taming the Lions: A Simple Approach to Managing Risk<\/title>\n<meta name=\"description\" content=\"Discover a straightforward strategy for managing risk in operations with Hoffer Plastics\u2019 \u201cTaming the Lions\u201d approach.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hofferplastics.com\/resonations-newsletter\/taming-the-lions-a-simple-approach-to-managing-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taming the &quot;Lions&quot; 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