Risk Management

The Tower of Risk Management Babel

Risk management means different things to different people, and so trying to have a conversation on the subject can become a real riddle. Harry Hall writes a blog about learning how to untie our tongues. He notes that “risk” is originally derived from an older word that meant “to dare.” Thus, Hall says risk can really be defined as being “uncertainty about outcomes that can be negative or positive,” not just negative outcomes. In scenarios where risk and risk management are undefined, you should work with stakeholders to set terms that are agreeable to each other and align with organizational objectives. These definitions should then be inserted into a risk management plan, along with risk response categories such as accept, avoid, and mitigate. Real discussion begins only when everyone is speaking the same language, so come make bricks, burn them thoroughly, and rebuild that tower.

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