Managing risk

Citation

(2005), "Managing risk", International Journal of Productivity and Performance Management, Vol. 54 No. 2. https://doi.org/10.1108/ijppm.2005.07954baa.006

Managing risk

Risk management is turning into an industry. It seems to consume vast resources … yet I doubt if risks are really being managed. Much of the industry is concerned with identifying and recording risks – not managing them. In many organisations, it looks as though risk management exists, but it is a “front”, providing a bureaucracy to show “compliance”. Just go back through some old risk registers and analyse the practical and feasible chances of those risks having occurred, the effects the planned mitigating action had and the likelihood of the planned corrective actions being successful. It could be a salutary lesson.