Episode 127: Unpacking Risk Management: Strategies, Mitigation, and Supply Chain Insights

In today’s episode, Mike dives into the world of risk management with Steven Lustig, an expert consultant in the field. Steven shares invaluable insights and strategies to help businesses effectively navigate and mitigate risks in an ever-changing landscape. Tune in to gain practical tips on exploiting risks, assessing their impact, and diversifying your supply chain for greater resilience. Steven Lustig is a sought-after consultant who specializes in risk management, supply chain optimization, and operational excellence. With years of experience in various industries, he brings a wealth of knowledge to the table. Steven Lustig’s Bio As an Executive Team member, Board Director, and engineer, I bring a special perspective to solving complex problems. My career has taught me how to systematically approach challenges: first identifying the problem; next asking insightful questions; then creating a plan for its solution; followed by taking the actions that lead our team to the solution. My diverse skills, experience, and adaptability have made me the go-to-person for CEOs for growth, acquisition, and integration. For example, when the pandemic struck the world a few years ago, our company’s CEO wanted me to tackle the high-risk global supply chain disruptions that potentially could have caused a disaster for our company. Our team developed new tools and processes to secure scarce materials, enhanced supplier relationships, and took other actions around the world to avoid catastrophe. In another example of being asked by a CEO to step forward, I was invited to give a presentation to my fellow board members about board governance.One of my greatest rewards comes from the people I mentor. Those mentees include professionals and students in the Georgia Tech Mentor Jackets program. I have also mentored many coworkers at various companies throughout my career. I passionately pursue the development of strong teams and the leadership of continuous process improvement. I have received recognition as a supply chain and manufacturing thought leader, sharing my insights in industry publications and serving as a panelist at industry events. I have achieved certifications in Private Company Governance, Project Management Professional (PMP), Six Sigma Green Belt, and Operational Excellence. In This Episode… Discover how to exploit risks rather than just mitigating them. Learn practical approaches to risk assessment using simple tools like spreadsheets. Understand the importance of cross-functional collaboration in evaluating risks. Gain insights into supply chain challenges and strategies for diversification. Recognize the need for proactive risk management in an unpredictable world. Links & Resources Mentioned… Website: https://www.lustigglobalconsulting.com/ LinkedIn: https://www.linkedin.com/in/stevenklustig