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Nov 30, 2020

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Hello and welcome to the new episode of the Risk Management Show brought to you by Global Risk Community.

Today after conducting 18 interview epizodes on our show, we will do a solo episode.

In this episode we will make a review of some of our best recent blog posts posted on our Global Risk Community site by our members.

In this episode we will discuss a post named Changing Culture Is Central to Changing Business Models posted by Enrique Raul Suarez.

Originally it was posted by MIT SLOAN MANAGEMENT REVIEW Lanham Napier, Barry Libert, and K.D. de Vries

Leaders need to examine their core beliefs if they want to prosper in a COVID-19 world.

Three Steps Toward Change

If leaders are itching to change their corporate culture and direction, we recommend that they first follow three steps to challenge their own biases:

Step 1: Leaders need to examine their thoughts and values in order to redefine them. Attempts to change an organization’s strategy, products, services, measurements, or reporting will be in vain if leaders don’t realize that cultural change is an inside job. Leaders have to change first.

Step 2: Leaders need to communicate their new identity. Clearly defining the values that management and the board hold should help an organization create today’s newest business model: AI-powered digital platforms with multisided revenue models. Doing this requires that they discourage existing employees from keeping their heads down and proceeding with business as usual.

Step 3: Leaders need to measure the impact of new cultural norms on the company’s performance. To truly transform, leaders must identify new key performance indicators that link to their company’s emerging new identity and track and report them.