Do you have a Risk Management Plan?

Back when I was a Project Manager, one of the earliest activities we did in a project was the Risk Management Plan. As we were scoping out the project, we would identify things that could go wrong, and what their impacts would be. We also identified what the preventative measures we could take were, as well as the post-event actions to take.

As we did this, we identified the costs of the preventative measure, the cost of the event, the cost of post actions, and the likelihood of the event. We could then determine if taking the preventative measures were of value.

What does this have to do with a person’s life?

We face risks each and every day. Consider that your job is (usually) a large part of your life. What happens if there is a snow day? If you are on salary, you might cheer and do something else. Or perhaps your employer has given you a laptop so that you can work from home. But what if you are a wage employee, and don’t get paid if you don’t work? Or what if your car breaks down, do you have a different way to get in?

And those are reasonably minor risks, with potentially low (big picture) impacts. How about if your house burns down?

Insurance is one way of passing the financial risk of an event to a 3rd party.

We regularly go through our Risk Management Plan trying to identify risks we haven’t yet identified, validating the ones we have, re-costing the preventative measures and the expenses of the event, as well as updating our post event actions.

Would you like to find out how we can help you with your Risk Management Plan?

Schedule a Meeting with Kevin