Using a recent group ride as a backdrop, Ty Kiisel explains why being prepared can pay off with huge returns when it comes to risk management. Citing the preparedness for a fall off a bicycle (helmet, gloves, jacket), Kiisel gives 3 tips to risk recognition, readiness, and response. The first tip is to identify risks before the project has begun:
All too often when projects are proposed, stakeholders are looking through rose-colored glasses. Although I think it's important (maybe even vital in today's economy) to look for projects that will provide potential value to the organization, ignoring the associated risks is very dangerous. If a project is presented for consideration and no risks are identified, that project sponsor should be introduced to a rather large river in Egypt.
Another helpful tip is “don't let risk paralyze you”, particularly useful considering how often projects never get off the ground (or are even begun) because people are scared of the risks involved. Kiisel states this is the way to stifle creativity in the organization and limit innovation.