Understand and define your risk tolerance and risk appetite as this helps managers at all levels understand where they are in relation to the organization's risk 'comfort level'
2020 felt like we were playing on Heroic mode but now we're close to 2021, it's a good time to review your risk management system and get ready for next year.
How can you spot the point where a risk - a thing that could occur - becomes an event that is occurring? I'd argue that you don't need to identify the specific point of change, and you'll waste valuable time trying to spot the exact moment of transition. Most importantly, if you wait to see the transition point, your response will be on the back-foot from the get-go.
I'll be running three new risk management courses this November
Risk, Emergencies, Crisis & Disasters: Seven takeaways from reviewing my degree notes.
We need an improved deficit model for risk communications - one that elevates societal knowledge to the same level as scientific knowledge - to overcome many of the issues we currently face in decision-making and public discourse
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.