What do you consider a likely future challenge that we must prepare for?
Recently, some colleagues and I worked on a board risk oversight project that resulted in interviews with numerous corporate board members about their perspective on the board’s role in enterprise risk management (ERM). During that project, one board member suggested that my next risk research project should be called “good, great, going, gone!” —a risk project about companies that thought they were doing well but somehow ended up failing. He was motivated because he served on a board of a company that went bankrupt and wondered, after the idea of ERM came along, could the company have been saved? Could management and the board have seen the risks coming? Could they have seen them sooner or understood them better?