Risk management basics: What exactly is it?

David Hillson, The Risk Doctor, explains how to structure your risk process by asking (and answering) these six simple questions:
Q1. What am I trying to achieve? (Objective setting)
Q2. What might affect me? (Risk identification)
Q3. Which of these are most important? (Risk assessment)
Q4. What should we do about the most important ones? (Risk response development)
Q5. Did it work? (Risk review)
Q6. What has changed? (Risk updates, Learning lessons)

[globalnook]

Q1. What am I trying to achieve? (Objective setting, Understanding scope)
Q2. What might affect me? (Risk identification, uncertainties, future events)
Q3. Which from Q2 answers are most important? (Risk assessment, likelihood/impact)
Q4. What should we do about answers to Q3? (Mitigation, Prevention, Avoid/Reduce/Transfer/Accept)
Q5. Did Q4 answers work? (Confirm effectiveness)
Q6. What has changed? (Adapting to changes in the enterprise)

[COGOPTV]

Truly amazing. I have heard people talk about Risk Management for years and now I have it in 4.25 minutes. Great teachers take complex things and make them simple. Thanks.

[EkMusafir]

Excellent presentation, very simple but still scientific, good voice, short and to the point. Thanks for sharing.

[robtallini]

Great video. Years later it does a great job of explaining risk management without going into semantics for an hour.

[maninder]

that’s absolutely true that if we take risk we will achieve more then people who are not taking risks, so be the risk takers

[uqsuvyc]

THIS WAS SO HELPFUL. BEEN HAVING WRITERS' BLOCK ALL DAY, THANKS!

[HarmonicInspiration]

Cleared so many doubts, for a beginner. Gives a wider depth of knowledge.

[artemiciat]

I applied for a position in risk management and this was really helpful ! Thank you!

[Smalltalkay]

1 Objecting setting : What are we trying to achieve?
2 What might effect me - risk identification
3 Risk assessment / evaluation- which of those thing effect me are most important?
4 What should we do about it?
5 Did it work?
6 what changed?

[GustavoSilva-nyjc]

THANK I didnt expect to be so good!!! Can't thank you enough for the help and i love the way things were phrased.

[sfrancoc]

Thank you Risk Doctor; great material to work with students. Hi from Colombia!

[maryamamir]

what a simpliest way to summaries it all, love love this content

[GEIConsulting]

A superb presentation of the six essential steps to risk management, as well as an excellent, simple explanation of the entire risk management process for everyone involved in business decision making, from executives to entrepreneurs. Very straightforward, educational and easy to listen to. The video is so succinct that you won't have a chance to become bored! - DC for GEI Consulting

[alliedinsurancemanagersinc]

Engaging and useful video when it comes to risk management. I agree that most people are daunted when they hear the words “risk management”. They all think that it is complicated and hard to understand, but by addressing these simple question you were able to explain it very well. Thanks!

[harmanjottdhillon]

Amazing, this video explained me conplex things about risk management in very few words and in very simple way . There are only 6 main points around which risk management revolves.

[summerhe]

That's really fantastic, so clear and even philosophical. Amazing!

[JArmandoCruz]

Truly amazing video. All the other videos had me a bit confused but this was simple and clear. Thank you!

[KiyosakiSays]

“In today’s rapidly changing world, the people who are not taking risk are the risk takers.” - Robert Kiyosaki

[artsybloke]

This is amazing. Of all the time id spent to understand the core concepts of risk management, you've solved it for me in less than 5 minutes. Thank you very much for sharing your knowledge to the world!
Gabriel

[secondmarch]

Excellent presentation in explaining the Natural & Inherent Six steps connected with Enterprise Risk Management (ERM) !!!!.