5 Online Risks

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Risk, in my opinion, is another word for life. Life is a risk and without taking risks we have no life.

I have noticed that people these days seem to be overly cautious, risk-averse and often crave a secure and safe outcome, but is this life? As a modern society, we seem to be so busy sanitising our existence through political correctness and warning labels that for many it is now a learned behaviour to avoid risks, rather than embrace them.

In order to achieve anything in life, we have to take positive, calculated risks. Nothing can be achieved without risk and apart from this obvious outcome, there are other numerous benefits to taking risks.

Here are just five benefits to taking risks.

Reduces the hold fear has over us

The greatest enemy of risk is fear or resistance. Often we fear something so much that we are not willing to overcome that resistance and fear to step out. When we do take a risk it reduces the stranglehold that fear has over us and our natural courage is strengthened. We are able to get into action instead of being like a deer trapped in the glare of oncoming traffic headlights.

Opens up new possibilities

When we are risk-averse we are immobile and stagnant. We attempt in vain to imagine the possible outcome but it is not until we set creation in motion with risk that new opportunities and possibilities avail themselves to us. The planet has always been filled with rich abundance but it was not until the first man built a boat and set sail that he discovered the vast possibilities available to him.

Develops self-confidence and resilience

Taking a risk does not automatically ensure success. In fact, more people have failed taking risks than they have succeeded. The fact is we often have to go through failure in order to reach success. Taking risks boosts our self-confidence in our abilities and hones our strengths but more importantly, we develop resilience and you exercise your courage. Resilience is that quality that puts us back on the bicycle after we have crashed, it’s what made Thomas Edison continue with his experiments and compelled Van Gogh to paint even though his work never sold.

Teaches great lessons

You can listen to the advice of others or observe how they live their lives but it is not until you try something for yourself, create your own experience, learn your own lesson that you will truly know. We all can have life knowledge, but it is life lessons that we remember. The greatest lessons of my life have been learnt through taking risks. These lessons have become part of my life wisdom and continue to guide and inform me each day. I own these lessons, they are mine and I could not have learned them from a book, a lecture or through avoiding the risk.

Leads to rewards

We all know people who seem to be so lucky and great things “just happen” for them. If you look carefully things are not just happening for them, they are taking risks and reaping the rewards. If you want to achieve any dream, regardless of how large or how small you always have to take a risk. The first risk is being willing to overcome your resistance that is holding you back. You could be saying, “I took a risk and failed, there was no reward there for me!” well I would like to challenge that and say the reward was overcoming your fear, experiencing different possibilities, gaining self-confidence and growing in resilience, and learning new lessons. Sometimes the reward is not extrinsic but intrinsic.

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So the question is, are you living your life or are you slowly dying because you want things nicely packaged and are too scared to take a risk?

I am not advocating that you rush off and do something foolhardy but ask yourself, why am I not taking the risk?

Be encouraged to get yourself into gear and start taking positive, calculated risks. It is truly better to take the risk and experience life than remain safe and slowly stagnate to death.

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Steps of the Risk Management Process

1. Identify the risk
2. Analyze the risk
3. Prioritize the risk
4. Treat the risk
5. Monitor the risk

With any new project comes new risks lying in wait. While your organization can’t entirely avoid risk, you can anticipate and mitigate risks through an established risk management process. Follow these risk management steps to streamline your team for success, making the team more agile and responsive when risks do arise.

What is the risk management process?

It's simply that: an ongoing process of identifying, treating, and then managing risks. Taking the time to set up and implement a risk management process is like setting up a fire alarm––you hope it never goes off, but you’re willing to deal with the minor inconvenience upfront in exchange for protection down the road.

Identifying and tracking risks that might arise in a project offers significant benefits, including:

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• More efficient resource planning by making previously unforeseen costs visible
• Better tracking of project costs and more accurate estimates of return on investment
• Increased awareness of legal requirements
• Better prevention of physical injuries and illnesses
• Flexibility, rather than panic, when changes or challenges do arise

Risk Management Steps

Follow these risk management steps to improve your risk management process.

1. Identify the risk

Anticipating possible pitfalls of a project doesn't have to feel like gloom and doom for your organization. Quite the opposite. Identifying risks is a positive experience that your whole team can take part in and learn from.

Leverage the collective knowledge and experience of your entire team. Ask everyone to identify risks they've either experienced before or may have additional insight about. This process fosters communication and encourages cross-functional learning.

Use a risk breakdown structure to list out potential risks in a project and organize them according to level of detail, with the most high-level risks at the top and more granular risks at the bottom. This visual will help you and your team anticipate where risks might emerge when creating tasks for a project.

Once you and your team have compiled possible issues, create a project risk log for clear, concise tracking and monitoring of risks throughout a project.

A project risk log, also referred to as a project risk register, is an integral part of any effective risk management process. As an ongoing database of each project’s potential risks, it not only helps you manage current risks but serves as a reference point on past projects as well. By outlining your risk register with the proper data points, you and your team can quickly and correctly identify and assess possible threats to any project.

2. Analyze the risk

Once your team identifies possible problems, it's time to dig a little deeper. How likely are these risks to occur? And if they do occur, what will the ramifications be?

During this step, your team will estimate the probability and fallout of each risk to decide where to focus first. Factors such as potential financial loss to the organization, time lost, and severity of impact all play a part in accurately analyzing each risk. By putting each risk under the microscope, you’ll also uncover any common issues across a project and further refine the risk management process for future projects.

Ready to improve your systems and reduce failures through FMEA risk analysis?

3. Prioritize the risk

Now prioritization begins. Rank each risk by factoring in both its likelihood of happening and its potential effect on the project.

This step gives you a holistic view of the project at hand and pinpoints where the team's focus should lie. Most importantly, it’ll help you identify workable solutions for each risk. This way, the project itself is not interrupted or delayed in significant ways during the treatment stage.

4. Treat the risk

Once the worst risks come to light, dispatch your treatment plan. While you can’t anticipate every risk, the previous steps of your risk management process should have you set up for success. Starting with the highest priority risk first, task your team with either solving or at least mitigating the risk so that it’s no longer a threat to the project.

Effectively treating and mitigating the risk also means using your team's resources efficiently without derailing the project in the meantime. As time goes on and you build a larger database of past projects and their risk logs, you can anticipate possible risks for a more proactive rather than reactive approach for more effective treatment.

5. Monitor the risk

Clear communication among your team and stakeholders is essential when it comes to ongoing monitoring of potential threats. And while it may feel like you're herding cats sometimes, with your risk management process and its corresponding project risk register in place, keeping tabs on those moving targets becomes anything but risky business.

Try one of the templates above to start your risk management process.

Be better prepared and implement a complete risk management strategy.