How can you debunk common risk management myths in business services?

2 Myth 2: Risk management is a one-time activity

Another common myth about risk management is that it is a one-time activity that you can do once and forget about it. This is not true, as risk management is a continuous and dynamic process that requires regular review and adjustment. Risks are not static, they can change over time due to internal or external factors, such as new information, feedback, changes in scope, requirements, expectations, or environment. Therefore, you need to update your risk register, reassess your risk levels, and revise your risk responses accordingly. You also need to communicate and report on your risk status and performance to your stakeholders and team members, and learn from your risk experiences and outcomes.

3 Myth 3: Risk management is only about avoiding or minimizing negative risks

Another common myth about risk management is that it is only about avoiding or minimizing negative risks, such as threats, hazards, or losses. This is not true, as risk management is also about identifying and maximizing positive risks, such as opportunities, benefits, or gains. Positive risks are uncertain events or conditions that can have a favorable impact on your project objectives, such as new market trends, technological innovations, or competitive advantages. Therefore, you need to adopt a balanced and proactive approach to risk management, where you not only reduce or eliminate negative risks, but also exploit or enhance positive risks.

4 Myth 4: Risk management is a technical or specialized skill

Another common myth about risk management is that it is a technical or specialized skill that only experts or specialists can perform. This is not true, as risk management is a universal and essential skill that anyone can learn and apply. Risk management is not a complicated or mysterious process, it is a logical and structured process that follows some basic steps, such as identifying risks, analyzing risks, evaluating risks, and responding to risks. You do not need to use complex tools or methods to do risk management, you can use simple and practical tools, such as checklists, templates, matrices, or diagrams. You also do not need to do risk management alone, you can involve and consult your stakeholders, team members, clients, or other sources of information and expertise.

5 Myth 5: Risk management is a separate or isolated process

Another common myth about risk management is that it is a separate or isolated process that has no connection or integration with other processes or functions. This is not true, as risk management is an integral and complementary process that supports and enhances other processes and functions, such as project management, quality management, strategic management, or operational management. Risk management can help you to align your project objectives with your organizational goals, improve your decision making and problem solving, increase your efficiency and effectiveness, and deliver value and satisfaction to your clients and stakeholders. Therefore, you need to integrate risk management into your overall business service delivery process and culture, and align it with your vision, mission, values, and policies.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?