Any time a company significantly changes the way it does things, there is "process risk," i.e., the risk that the business will suffer significant financial losses or harm to its reputation as a result of the change. Failure to effectively manage process risk explains why most major change initiatives ultimately fail. Process risk can take several forms. Four commonly observed varieties include performance dips, project frights, process fumbles, and process failures. The authors explore the human and operational process risks and propose precautionary steps that managers can take to circumvent these risks in the future.
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