Since the only business constant is change, today more than ever, risk management in business is not only changing at warp speed, but also more critical than ever.
Traditionally, risk management focused on the assessment of potential dangers and the preparation for possible outcomes through structured organizational back-up plans. Traditionally, businesses prepared for potential disruptions such as supply chain breakdowns, natural disasters or financial market crashes.
Fast forward to 2026, and risk management has grown way beyond back-up preparation for “what ifs.”
In the digital era, the speed and interconnectedness of markets, technologies and global events have introduced new dimensions of risk, many of which are constantly updated and unpredictable.
“Technology is now at the heart of nearly every business function,” explains Adrian Ghira, managing partner and CEO at GAM Tech, the innovative Managed IT Service Provider (MSP) that serves small- and medium-sized businesses in Alberta, British Columbia, Ontario and Quebec, and a Calgary EO member.
“But with this dependence comes increased exposure to risks that were not as critical even a decade ago. At GAM Tech, we see this daily, in Calgary and across Canada. Cybersecurity incidents, phishing attacks, ransomware and cloud outages can grind operations to a halt.
“Misconfigured software that leaves data exposed, third-party vendors that do not maintain proper security, supply chain vulnerabilities, or even well-meaning employees who unintentionally click the wrong link or adopt unauthorized shadow IT tools.”
Connor Curran is CEO, co-founder and chief laundry folder of Local Laundry, the unique Calgary success story committed to Made in Canada clothing for social good, supporting Canadian manufacturing, Canadian jobs and a diversified Canadian economy, and a dynamic Calgary EO member. “The essentials of risk management are overcommunication and extreme accountability.
“In our Local Laundry world that means double checking sales orders before they go out. Getting multiple eyeballs on it. Sending weekly production updates to clients so they are never left wondering. Emailing them before they email us asking where their order is. Risk management is baked into our processes!”
Ghira emphasizes that it starts with understanding what matters most to the business. “Customer data, financial information, intellectual property or service availability. A structured approach. Assessment to identify vulnerabilities – both technical and human. Prioritization, focusing on critical risks first.”
Local Laundry’s Connon Curran admits, “We assume things will go wrong and we plan for it. That way when they do, we can move fast and keep trust. We stay focused on the solution, not the problem or they are whose fault it is.
“For us, one wrong order without a plan to fix it could mean losing a six-figure client. When Rocky Mountaineer asked for 7,000 Canadian-made hats, it was the biggest order ever. And we intentionally overcommunicated every step. We built in buffers. We assumed something would break. That is how we delivered. Sometimes you must give up short term gains for the long term.”
Unlike major breaches of risk management like this year’s European airports, 500 Marriott accounts and three billion Yahoo accounts, Ghira explains that it is far more stealth and subtle in Calgary. “Consequences often show up quietly rather than dramatically. Supporting Calgary businesses, ineffective risk management rarely results in a headline-grabbing collapse. Instead, it’s a series of smaller, repeated issues that add up.”