I suppose it is human tendency to hope for the best!
There are two common entry points for the world of Risk Management.
One is through corporate solutions for probable risks. Various forms of insurance are common examples of this route.
The other is a personal encounter with a disaster. Such an event forces us to think of improbable but serious risks. Earthquakes, fires, sudden death of a breadwinner, and industrial accidents, are examples of risks that fortunately occur rarely, but their consequences are shattering.
Each of us has to be prepared for the worst.
Some risks are both improbable and not-serious: unexpected rain is an example. We need not plan in detail for such minor interruptions.
Risk analysis is a useful first step in Risk Management. Everyone concerned should help prepare a list of all possible risks in a given situation. We can then divide the list in to likely, unlikely, and serious risks. We can eliminate frivolous risks by consensus. This paves the way for concerted plans on how to deal with significant risks. These plans can then be translated in to action plans with specific responsibilities that are rehearsed regularly. Large factories that make hazardous goods make such elaborate plans, but each of us can benefit from the process.
Here is an exercise: list all the risks that you can from the image below:
You are welcome to contribute your own picture or a description of a situation that concerns you, and we can learn Risk Management together from your contribution.
Live safe, and safeguard your enterprise, colleagues, associates, friends, and family.
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