|

What is your “LOTUS OF CONTROL”?

Can your lotus of control affect or influence your business decision-making capability?

Locus of control describes the degree to which individuals perceive that outcomes result from their own behaviors, or from forces that are external to themselves. This produces a continuum with external control at one end and internal control at the other


As the environment around your changes, you can either attribute success and failure to things you have control over, or to forces outside your influence…

https://www.mindtools.com/pages/article/newCDV_90.htm

Your thoughts?

Similar Posts

Can Your Leaders “Decisions” Affect Your Company’s Future or Profits?

ByKen Hackshaw

And the answer is…………..you decide… Twitter threatens trade secrets lawsuit over Meta’s Threads app. Alex Spiro, a lawyer for Twitter, accused Meta of engaging in “systemic, wilful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” in a letter addressed to Zuckerberg dated Wednesday. The letter claimed that Meta had hired “dozens” of…

The Cobra Effect: Risk and Audit Assessment can Assist

ByKen Hackshaw

The Cobra Effect refers to a story from British India. The authorities faced a problem of an uncontrollable increase in cobras. The solution implemented was to incentivize the public to kill cobras by offering a bounty on each dead one. This resulted in people breeding cobras for increased incentives which ultimately resulted in abandoning the…

Performance, Resilience and Agility Must be the New Construct

ByKen Hackshaw

The “silver lining” of the Covid-19 crisis is the new insights that have emerged to aid organizations in transforming for stronger performance through effective risk management. Risk programs must become more closely aligned with resilience and strategic objectives, so that businesses will be better prepared to respond quickly to the next crisis. Meanwhile, as the…

|

Billion-Dollar Bank Failure: $65 Million Civil Penalty for Failing to Keep Proper Risk Controls

ByKen Hackshaw

If operational risk failures can happen to a bank with a US200 million dollar asset base, what about your bank? Why are we so comfortable (normalized deviance, confirmation bias, or availability bias?) with the internal controls of our banks in the Caribbean?  “The Office of the Comptroller of the Currency announced on Wednesday that the bank…

|

Risks in Your Mirror May Be Closer than You Think…

ByNM Lewis

You are familiar with the sign: “Objects in the mirror are closer than they appear,” which is the “warning sign” on your vehicle’s door mirrors.  Applying this warning to the risk management space, one can identify Examples of risks that are much closer to your organization (and you) than they may appear to be:  I would also like…

|

Global Cyber Breach: The Need to Manage Vendor Risks, People Risks and More…

ByKen Hackshaw

Several US federal government agencies have been hit in a global cyberattack by Russian cybercriminals that exploits a vulnerability in widely used software, according to a top US cybersecurity agency. Aside from US government agencies, “several hundred” companies and organizations in the US could be affected by the hacking spree, (according to a CNN report). Since late last month,…