Greater risk equals greater reward, as the saying goes, but what about the other way around? Who is responsible when your risks fail to produce a reward? Greater risk also equals a greater cost of failure. When a risk pays off, great. There are two main concerns when it comes to a risk that doesn't pan out; consequences and rectification.
Concern #1: Most risks large companies take that fail end up hitting the workers harder with consequences than it does management. Workers have to deal with the fallout, the layoffs, the pay cuts. Management rarely sees any greater consequence than an uncomfortable conversation with their boss or CEO, and maybe a cut in their stock options. The people responsible for the decisions, in a better world, would see real consequences for their actions. If a CEO or Sales Director lost their job, instead of firing half a dozen "underlings", they'd take personal responsibility and think/research their decisions more carefully in the future.
Concern #2: Rectifying mistakes is the other major part of a manager being a good steward to his or her employees. I've seen it time and time again; companies make a misstep and instead of course-correcting, they LEAN INTO their mistake. They try to steamroll the situation into working. They think, "if it didn't work at the small scale, maybe it'll work on a larger scale." That's rarely true. They pump more money, time, and people into a problem, simply making it worse. The best action a manager can take once an error becomes apparent is to find the root cause and change course ASAP. If a manager can't do that, see concern #1.