Key Point: I recently had the privilege of spending a couple days listening to some very savvy executives talk about the concept of risk as it applies to organizations. The recent financial meltdown has raised the bar regarding risk management and mitigation. In the chaotic and lightening fast paced world we live in, it is more vital than ever for organizations to be prepared for the possible and even the unimaginable. The same applies to us personally. What is your personal risk management (including crises) plan? Do you give yourself time to consciously think and plan for it?
Now that the football season is well underway in both Canada and the U.S., a presentation on how to effectively prepare for the risks associated with hosting the Super Bowl was timely and insightful. Imagine preparing for a 12-day event, when hundreds of thousands of visitors descend on a hosting city, with the infrastructure taxed to capacity. The presenter on this topic was the former co-chairman of the risk committee for this big game. The group identified 250 key risks, with 20 that were classified as “most critical.” Comprehensive plans to proactively manage these key risks, focusing on the top 20, led to a very successful Super Bowl from the perspective of the fans, the NFL and the community. And the preparedness helped the organizers to be “on their toes” and nimbly navigate through unexpected events.
- Be clear about your purpose and strategy for living (I’ve blogged about this many times in the past). This is our personal Super Bowl. Any successful risk plan must be anchored by a strategy.
- Identify all the risks that could derail your ability to achieve your life’s purpose and mission. Write them down!
- Determine your most serious risks. Ideally the top 20 percent need to be proactively addressed with detailed mitigation planning. Be watchful but let the remaining 80 percent unfold (we can’t prepare for everything). Do this on a regular basis. Risk potential is very dynamic.
- Play life to WIN and NOT to lose. Having a risk plan is good but identifying risk categories also frames up great opportunities. We can’t live our lives totally defensively, worrying about the risks alone. On the contrary, good risk planning helps us move forward with confidence and take advantage of all the accompanying opportunities. Because where there is risk, the other side of the coin is usually an invitation to achieve a big win!
- Remember that it is not the jump but the landing that requires the most attention in life.
Risk management in The Triangle,