Answering 'what is risk management?' needs more than 'it's the management of risk'. Here's a thorough explanation along with 4 key components
Even when it's not your problem to unpick, it's better just to grit your teeth, grab it with both hands and get to work. Otherwise, it's not going to get done, and as the risk manager, the buck does stop with you.
Hard problems don't lend themselves to easy solutions. And even if the answer is apparent from an early stage, making the decision easy, that doesn't mean there's not a lot of hard work ahead. KISS doesn't mean easy.
Uncertainty is integral to a risk assessment - we are looking into the future and our data might be fuzzy - so we need a way to manage this. Here's how.
Smoke alarms buy you valuable time if there's a fire in your house. You can do the same and make your organization more proactive using these simple tools.
The phrase Black Swan is often used as shorthand for a very serious event but a true Black Swan is wholly unexpected. These are impossible to prepare for if we rely on previous experiences but we have other options.
A while back, I wrote something on the need to speak up, even when it's hard. That's something we face as risk managers, but it's also a necessity in other parts of our lives. I've also written about how there are risks that are so big and uncomfortable that they're left in the corner: we … Continue reading Practicing what I preach
Just in time planning seems like a good idea at first - why waste time on something that might not happen - but it's going to let you down in the end.
Informed intuition is when you seem to be trusting your intuition but, in fact, you're recalling deeper experiences and patterns that are helping you make a decision. In short there are times when it's OK to trust your gut.
At the moment, we only have options to reduce our vulnerability to COVID-19 which is what relaxing constraints is based on. But the risk is ONLY reduced if we apply those measures that reduce our vulnerability or exposure. The other factors haven't changed or if they have, not in a meaningful way.