{"id":12576,"date":"2023-04-25T17:45:45","date_gmt":"2023-04-25T17:45:45","guid":{"rendered":"https:\/\/zhorse.net\/?p=12576"},"modified":"2023-05-05T14:35:36","modified_gmt":"2023-05-05T14:35:36","slug":"risk-management-is-all-about-pain-relief","status":"publish","type":"post","link":"https:\/\/zhorse.net\/erm\/risk-management-is-all-about-pain-relief\/","title":{"rendered":"Risk Management Is All About Pain Relief"},"content":{"rendered":"\t\t
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Risks, especially if not fully understood, seem to irritate Senior Management.\u00a0 As a risk manager we often want to tell Senior Management to take two aspirin and call us in the morning.\u00a0 Unfortunately that is not an option because management\u2019s pain is also our pain.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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So what is the answer: surgery: out patient: prescription medicine?\u00a0 Those could work but maybe just buckling up and going for the ride is the only option. \u00a0\u00a0So is there something we can do to make the inevitable risk ride more confortable?<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Yes, there are a few things we can do to help management with their pain and also maintain our own risk sanity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\tRecognizing Challenges<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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First we should recognize that there are challenges. \u00a0Often risk events emerge quickly, sometimes without any alert or alarm. \u00a0Other times we are working on known pain points that still impact our business. \u00a0And there are always the standard risk management governance items that require attention.\u00a0 Conflicting priorities are the biggest challenges facing many risk managers today.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Couple this concern with the fact that there are also time constraints for responding to emerging risks; often limited resources to assist in the management of risk events; and finally, there always are competing deadlines that impact our ability to retain risk sanity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Once we recognize and quantify the challenges they don\u2019t seem so daunting.\u00a0 Through certain behaviors and processes we can enhance risk governance, strengthen risk management and ease their pain, (excuse the blatant rip-off from Field of Dreams).<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Try these steps <\/em><\/strong>and if your pain is not reduced you can always contact us for a house call.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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  1. Prioritize <\/strong>activities based on immediacy. For example, have a stack of \u201cNow\u201d, another stack of \u201cTomorrow\u201d, and another stack of \u201cAs Time Allows\u201d.\u00a0 Prioritization or segmenting into groups makes the task easy to grasp and manage.\u00a0 Remember, it is easier to eat a watermelon slice by slice rather than all at once.\u00a0 Slice up the risk into edible parts and you remain sane.<\/li>
  2. Define<\/strong> the actual risk and quantify its\u2019 impact to the organization. Quantification helps management accept the prioritization you establish for resolution. Even if management overrides your decision they will also understand what is not being dealt with because of their priority and at what cost.<\/li>
  3. Once you have defined and quantified the impact of the risk, prioritize for attack.<\/strong> A full assault seldom bears positive result. \u00a0By prioritizing you will receive the curing effects of small wins that will carry you to the final and complete victory.<\/li>
  4. Empower<\/strong> your team. The more others can help with the workload the more workload can be managed and issue resolution is often quicker. Also, delegation allows for you as risk manager to\u2026.<\/li>
  5. Yep, this is the key component to pain reduction. More soothing than a gel and more affective than ADVIL, communication let\u2019s management know that you are focused on their priority, progress is being made and if you need help they know that too.<\/li>
  6. Monitor and update<\/strong> until the risk is resolved.<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    These six steps may not alleviate all the pain that we face from time to time but certainly will reduce it to a manageable level.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    That being said there is one more thing that we as risk managers must do and do often. \u00a0Reward ourselves: take a break, walk around the park, sip a coffee, take an extended lunch, do something just for you.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Whatever it is, dealing with pain points in risk management is what we do. Lets just do it less painfully.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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    Risks, especially if not fully understood, seem to irritate Senior Management.  As a risk manager we often want to tell Senior Management to take two aspirin and call us in the morning.  Unfortunately that is not an option because management\u2019s […]<\/p>\n","protected":false},"author":4,"featured_media":12716,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":["post-12576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-erm"],"yoast_head":"\nRisk Management Is All About Pain Relief - ERM -GRc Software<\/title>\n<meta name=\"description\" content=\"Risks, especially if not fully understood, seem to irritate Senior Management. 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