Risk Management

by Peter Parkes

Introduction

Risks occur in all aspects of our lives. We cannot avoid all of them, and some of them we should take – when the odds are stacked in our favour. Risk management helps us to understand what our risks are, which ones to take, which to avoid, and which we need to protect ourselves against.

These are practical steps which can be used today. Some industries have specialist risk management functions, as do many large organisations. Most sizeable projects deal formally with risk. These specialist areas often use special tools, but all have the same basic approaches in common.

This topic will help you to understand and use risk management to improve the way you do your job and also to understand and interact with any risk management specialists in your own organisation. It will also tell you how to apply simple management processes to

  • Identify key risks
  • Assess them
  • Communicate them to your team and
  • Deal with them.