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When things go wrong Despite the best efforts of the risk manager and senior leadership, it’s still possible that things can go wrong for your organization. Processes aren’t followed or are applied incorrectly, mitigation measures turn out to be inadequate, something unforeseen happens or, as is so often the case, someone does something they shouldn’t. At one end of the spectrum are relatively common slips, trips or falls, minor fires, or the accidental deletion of data. More significant are the payment of bribes, cutting corners on regulations or a crass, offensive comment from an executive. At the extreme end of the spectrum are crisis events, situations that can strike a fatal blow to the organization: a chemical spill causing mass casualties, widespread fraud or a toxic culture of racism, sexism or other discrimination. ...

In the simplest of terms, risk management helps you function in the real world. Organizations are under constant assault from both anticipated and unanticipated events which threaten to derail their plans. Risk management is what helps them understand, prepare for and react to these events. The largest firms will spend thousands of hours and billions of dollars on risk and compliance annually and there are dozens of different standards or methodologies to help guide the risk manager. But what do you do if you are a small organization and there is no money for training or consulting? Or if risk management is the second or third responsibility on your job description – the one you never quite get around to? ...