“You need to know what you don’t know” – An old saying that has weathered the sands of time particularly well and acts as a guiding principle for managing Risk in small/ medium/ large scale operations in most industry sectors.
One of the biggest risks to organisations is the degree to which the unexpected or the unplanned events impact on their business. Whether you consider global events such as Covid and Brexit or local events such as localized flooding – external events can have a devastating impact on a business. As it would be totally impossible to mitigate against all such events the practical and mature approach organisations need to take is to at least consider doing the following risk assessment;
- Identify the types of events/risks that could impact on your business e.g. local flooding and which of those events should you at least consider in terms of risk mitigation
- Identify what practical an affordable actions you could take to mitigate against the impact of such events
- Prioritise the actions and put a plan in place – again in a practical and affordable way
- On an annual basis review and refresh the plan
Grey Matters Network associates have the accumulated expertise of performing such reviews in their own careers and now do it for others – it is task best given to those who have the experience – and more likely to help you on the way to “knowing what you don’t know”.