A practical technique to identify management of risk (MOR)

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This subject has created interest among many individuals around the world because risk assessment needs both creativity as well as systematic approach towards the solution. Anticipating the unknown is always interesting and facing unknown situations create attraction among the energetic individuals.

To actually get in terms with risk management situation one must do some genuine practical work along with proper thinking. Certain steps that an individual should be ready to take to identify risk situations are:

  • Ready for team work- A good risk management personnel is always a team man. Experienced team members will have an angle from experience regarding the risks involved with the project wile the juniors in the team will look at the risks with a new angle and might come up with solutions which can be an eye opener. Various personalities in the team will help in identifying the risks from variety of angles which can be of big benefit in the future. The team can consist of both introverts and extroverts so being flexible will always help the cause. The extroverts would love to have a face to face conversation whereby exchange of ideas can be done while the introverts would definitely be reserve in nature and would prefer thinking quietly and writing down their thoughts. So a good risk manager will give opportunity to both the personalities thereby increasing the chances of him being a good risk manager.
  • Trying to get contributions from each team members- A good risk manager should always try to get at least a minimum number of suggestions from each team member. Those feedbacks can be taken online or face to face. Although it is sure that the more experienced members would be able to give valuable inputs regarding the risks involved with the project but the young generation when given the opportunity to think individually might give some points which got overlooked thereby giving a positive impact to risk management.
  • Time for collecting the data’s given and grouping them- After collecting the entire feedbacks received one should sit with them and then get rid of duplicates as well as start grouping them into various categories. The number of categories will depend on industry and management structure.
  • Visualizing the risks- The final stage is to visualize the risks and get prepared to face them in future. Using a mind map one can set himself up for every kind of unforeseen incidents that might stand up as a barrier in the future.

Several institutes have come up to give M_o_R training but institutes like “the knowledge academy” follow the M_o_R courses that are in use practically. So bringing the best out of risk management personnel needs to be a duty and not just completing courses.

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