Now more than ever, organizations need to apply rigorous thought to business risks and opportunities. In doing so it is useful to understand the concepts embodied in the terms Black Swan and Gray Rhino. This post examines both and leads to recommended action plans for any organization in government or business who seeks to mitigate risk while focusing on opportunity.
Michele Wucker is specialist in risk management and crisis anticipation and is author of the book “The Gray Rhino: How to Recognize and Act on the Obvious Dangers We Ignore”. While we’ve all become familiar with Taleb’s concept of Black Swans, we must equally become intimately aquatinted with Wucker’s Gray Rhinos as they provide more obvious opportunities for actually anticipating and managing risk.
During this interview, Michele takes us through the concept of Gray Rhinos with real-world historical examples, discussion of future Gray Rhinos, and strategies for engaging in real actions to identify, respond to, and mitigate future Gray Rhinos in business, society, and global affairs. The concept of a Gray Rhino is hugely important and has become embedded in how we evaluate risks at OODA with our customers.