Risk Management Quotes

“Fortifying the company involves assessing the vulnerabilities of critical infrastructure and implementing safeguards.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Fortifying the company may involve diversifying suppliers and establishing contingency plans to mitigate supply chain disruptions.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Fortifying the company involves managing supply chain risks to ensure continuity of operations and avoid disruptions.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Fortifying the company involves incorporating risk management considerations into strategic planning and decision making processes.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“By embracing a holistic approach to risk management and conducting regular risk assessments, board members can ensure that their company is prepared to face a wide range of challenges”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Once risks are identified, they must be assessed in terms of their likelihood and potential impact. This allows the company to prioritize risks and allocate resources accordingly.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Regular risk assessments are a critical component of a holistic risk management strategy.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“A robust cybersecurity framework is essential to protect a company's digital assets, sensitive data, and critical infrastructure.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“If the company is going to thrive financially, then the board must inquire about the effectiveness of financial controls and risk management practices.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Fortifying the company involves implementing quality control measures to ensure product safety and customer satisfaction.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“company leaders need to provide their company with a self-organizing and semi-autonomous immune system. Effective risk management isn't about a siloed approach focusing on isolated threats. We have to think more broadly. Effective risk management requires a holistic approach that transcends a siloed focus on isolated threats. In today's interconnected business landscape, risks are rarely confined to a single department or function. Instead, they often ripple across the organization, impacting multiple areas simultaneously.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“To competently perform rectifying security service, two critical incident response elements are necessary: information and organization.”
― Robert E. Davis

“Where's the fun in playing with knives if you can't draw a little blood?”
― Donald Gorman, Paradox

“Being able to be repeated controllably
is one key element in risk management.”
― Toba Beta, Master of Stupidity

“By actively overseeing and providing guidance on risk management and cybersecurity, the board demonstrates its commitment to protecting the company's assets, reputation, and long-term success.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Corporate governance involves its fair share of uncertainty, but effective risk management mitigates potential threats.”
― Hendrith Vanlon Smith Jr., Board Room Blitz: Mastering the Art of Corporate Governance

“Measure twice, cut once applies as much to international strategy as it does to carpentry.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“In international business, the local dimension is not just another variable but the lens through which the whole venture must be viewed.”
― Craig Maginness

“What really counts in a new market is not your past successes but your adaptability and learning capacity.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“Joint ventures thrive not just on paper agreements but on shared visions and complementary strengths.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“The spectrum of market-entry vehicles is vast, from short-term plays using domestic distributors to sell internationally, to long-term strategies like setting up foreign operations. Understanding the cost, risk, and time commitment involved as you move along this spectrum is crucial, as it determines not only the potential return on your investment but also the complexity of disengagement should you choose to exit the market.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“I've learned about this need for communication and connection with different departments from personal experience; in fact, this is one of the areas in this book where my knowledge comes not from my success, but from my failure. Fairly early in my career, I had the credit manager of our company come into my office with his hair on fire, wanting to know why I had just agreed to a distribution deal that had 120-day terms. If I'd been thinking further ahead and discussed it with him beforehand, this wouldn’t have been an issue. Fortunately, we talked it through and made it work, but it took some begging, genuine understanding, and empathy to make sure I could repair that relationship.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“The last great hope of humankind, I believe, lies not in governmental interventions or global treaties but in international business. It is here, in the web of personal and corporate relationships that crisscross borders and time zones, that we find our best chance for a peaceful and prosperous world. Every hand we shake, every deal we close, every bridge we build between cultures and economies holds more promise than a hundred resolutions passed in the halls of the United Nations.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“The complexity of managing an international business can be likened to playing a game of chess on several boards at once. Each country represents a different game board, and each move you make has consequences not just on that board but potentially affects the others. The successful international manager must therefore be a master of strategy and an excellent multitasker, constantly aware of changes on multiple fronts.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“As we explore the strategies for entering foreign markets, it becomes apparent that the differences in legal environments, cultural norms, and business practices require a high level of adaptability and foresight. For instance, what works in one country might be completely ineffective or even illegal in another, making the need for localized knowledge and expertise paramount.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“Building relationships across cultures is much more than just a business necessity; it is an art form that demands sensitivity, patience, and an open mind. A true global leader sees beyond mere transactions to the building of long-term partnerships that respect and honor the diversity of practices and values.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“Economic theories teach us about the efficiency of markets, but when it comes to international business, it's the inefficiencies that often create the greatest opportunities. Spotting these inefficiencies requires a keen eye for detail and an understanding of local consumer behaviors that only comes with experience.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“There is also a risk in some markets of a significant devaluation of the local currency. For example, if the country experiences a financial crisis and devalues its currency to the point that your goods are no longer competitively priced, you can lose your market position overnight. There are no easy answers when it comes to getting paid for international sales but planning in advance beats learning hard lessons after the fact. Choose the solutions that work best for your company and prepare for the implications of those choices. The best strategy is to do the due diligence on your new customers.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“Marketing in a new language presents another set of challenges when doing business abroad. Not only will marketing staff need to translate the company’s literature—brochures, manuals, and more—into the local language, they’ll also need to translate parts of your website or set up a new website entirely. When considering what to translate, keep in mind that a new set of customers may have different preferences for how they receive information.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets

“If your business success depends in some way on patents or trademarks you hold, you’ll want to research intellectual property law in the market you’re considering. You’ll need to refile those trademarks and patents, but in some countries, being able to set up and protect your intellectual property can be maddeningly difficult. Even if you’re able to file the paperwork, the practical protection of your property is another matter.”
― Craig Maginness, Go Glocal: The Definitive Guide to Success in Entering International Markets