Opportunity mapping: locating the upside of risk through visual mapping

Abstract

Purpose The increasing prevalence of enterprise risk coupled with global competition requires a strategic link to the way forward through measured outcomes determined in a collaborative and visual manner. Design/methodology/approach The model was conceptualized and validated through strategic management deficiencies encountered in venture ownership, management consulting and teaching practice and was augmented with extensive stakeholder input and existing scholarly research. Findings Managing risk is a complex and somewhat dark task that can happen everywhere or nowhere within a firm and requires mitigating strategies developed with stakeholder consensus. In practice with three distinct audiences of entrepreneurs, senior managers and capstone student strategists, the model does facilitate linked risk and opportunity identification as well as the quantification and/or qualification of variables. The process is as impactful as the outcomes when individual risk “appetites” and a collective risk culture emerge. Practical implications Innovative organizations must regularly scan their external environment and assess internal resources and capabilities in a structured and actionable manner while understanding their risk culture. Valuable outcomes emerge from facilitating strategic risk management discussions, particularly in growing and informal organizations. Risk communications with stakeholders are complex and increasingly important. Originality/value Opportunity mapping offers a novel process to identify prioritized strategies that may be otherwise determined intuitively with limited input or absent altogether. The process facilitates actionable outcomes as a supplement to the known practice of risk assessment while contributing to a competitive advantage.