Talking Risk

But you know, based on all that we talked about, if we just follow the rules, manage our business and stay on top of things, it ain’t so bad after all.

This risk management thing is really a big deal; I never realized is all this involved!

Look at it … we know what we want to accomplish ( objectives ), we know what could go wrong or slow us down ( risks ) and we know if things go wrong, what the outcome would be ( adverse impact/consequences ).

Why you say that?

Risk avoidance is not the answer. If we were to avoid all risks, nothing would get done. That’s where risk management comes in.

So then the best thing would be to stay clear of what could have an adverse impact!

Exactly! You walk to the side of the road and watch the traffic, right? Same thing we saying – we set up the rules and follow them, and if circumstances change, we reassess and make a shift if we have to.

Pardner right! For example, you know that if you walk down the road you could get knock down, but do you just stay home all the time?

Of course not!

The truth is we can never know all the threats/risks that may affect our objectives and unfortunately the unknowns are the ones that may have the greatest impact because of that lack of knowledge.

That’s the essence of risk management. Knowing what can prevent you from meeting your objectives and putting measures in place to deal with it.

But I have a question – let’s face it, we can’t think of everything that can go wrong, or even if we think about it, we may not know what the full impact may be. So what do we do?

Yeah, Soca Revenge fete was last weekend – I didn’t even know that, so I had to make a few adjustments. like