This is a large threat coming towards you. It’s highly obvious and probably dangerous. It’s a menacing, big bad wolf, the fourth and final animal I am using in this series of articles to represent the dysfunctional behaviours of the boards of some businesses and organisations.
The book Gray Rhino by Michele Wucker looks at the concept of highly probable, high-impact events that are ignored despite being obvious. In a governance context, the "Big Bad Wolf" represents those risks that are staring a board in the face—the ones that everyone is aware of, yet no one chooses to act upon until the destruction has already begun.
Why Boards Ignore the Wolf
Often, the "wolf" is uncomfortable. Admitting its presence requires accountability, difficult conversations, and a shift in culture that many established boards are resistant to. By the time the wolf is at the door, the damage to reputation, stakeholder trust, and sustainability is often irreversible.