As corporations deal with balancing risk and opportunity, General Counsels (GCs) often find themselves acting as guides navigating the fine line between being too risk-averse or excessively risk-prone. One such professional adeptly pioneering this delicate path is Theresa Shea, General Counsel of Utz Brands. Shea emphasizes the importance of operating in the grey areas between calculated risks and the potential for exceptional rewards or failures.
According to Shea, the apprehension of failure and fear of blame usually weigh heavily on the minds of managers contemplating risk decisions. However, wholly avoiding risk isn’t a sustainable strategy either, as she explains: “ There are times you have to say, ‘You can’t do this.’ But that can’t be every time.” Her perspective suggests that in some circumstances, undertaking ambitious endeavors, while ready for the associated risks, can often lead to a greater reward for the corporation.
Shea’s insights offer valuable lessons for GCs, illustrating that the role they play should not only encompass managing potential legal pitfalls but also include encouraging and enabling their firms to make strategic and calculated risks. This nuanced approach can ultimately lead to corporate growth and innovation.