For those firms which misstep, fallout can be very damaging, both for the financial bottom-line and reputationally. However, for those which are pro-active and invest in their capability, the prizes -- both in terms of mitigating risk and seizing opportunity -- are potentially ever more significant.
We need to redefine the very notion of what 'taking a risk' or 'being brave' actually constitutes. Indeed, you can argue that brands need to get things wrong from time to time in order to learn, a hypothesis brilliantly laid out by Tim Harford in his book 'Adapt - why success must begin with failure'.
I'm reminded of that incident as I sit in my office listening to my daughter playing Amy Winehouse's albums over and over again, and I daren't admit to her that I dismissively chucked Amy's homemade, personally annotated CD in the bin that afternoon because I didn't have the energy or nerve to take a risk.