Working within the world of risk management for many years, even on the periphery, has enabled me to gain a useful perspective as to an organisation’s ability to make a decision.
Most of us, whether individually or collectively, put off making decisions because it is easier to do so. Sometimes we fear failure whereas perhaps at other times we are concerned about the effects of success.
Often, making no decision is simpler as it guarantees the status quo.
From an individual’s perspective, the concept of “death anxiety”, (our obliteration both literally and symbolically) can often be the culprit for putting off making important decisions. By not dealing with the matter in hand you’re able to leave all options on the table a little longer. Our hope is that another party will come along and take the task of choosing away from us.
The problem with this approach is that you can start to exist in a sort of holding pattern; you cease to be the owner of your own destiny. I guess this works for some people (you might have read “The Diceman” by Luke Rhinehart?) but not others.
The same problem can often exist in business, albeit the reasons for prevarication may differ. Some decisions require careful deliberation and collaborative agreement but rest assured, if you have identified the problem, illustrated the benefits of resolution, found a solution and undertaken the necessary due diligence then you should be confident in taking the plunge.
We must accept the outcome of that choice could be wrong but completing the steps listed above will give you confidence that making the decision was still in fact, the right thing to do.
If you are interested about what things to consider before making a decision to implement an ERM solution, they can be found here.