How do you balance risk and efficiency?

1 Assess your risks

The first step is to identify and evaluate the risks that could affect your facilities, such as fire, flood, theft, vandalism, cyberattack, or equipment failure. You can use tools like risk matrices, checklists, or audits to prioritize the most critical and likely threats and their potential impacts. You should also consider the legal, regulatory, and contractual obligations that apply to your facilities and how they affect your risk exposure.

2 Plan your responses

The next step is to develop and implement strategies to prevent, mitigate, or transfer the risks that you have identified. You can use techniques like fire safety systems, security measures, maintenance schedules, backup generators, or insurance policies to reduce the probability or severity of adverse events. You should also prepare contingency plans and emergency procedures to respond quickly and effectively to any incidents that may occur and minimize disruption and damage.

3 Monitor your performance

The final step is to monitor and measure the effectiveness of your risk management and business continuity plans. You can use indicators like incident reports, compliance audits, customer feedback, or key performance metrics to evaluate how well you are managing your risks and achieving your efficiency goals. You should also review and update your plans regularly to reflect any changes in your facilities, risks, or objectives.

4 Learn from others

One way to improve your risk and efficiency balance is to learn from the best practices and experiences of other FMs. You can join professional associations, networks, or forums to exchange ideas, insights, and solutions with your peers. You can also attend training courses, webinars, or events to update your skills and knowledge on the latest trends and innovations in FM risk management and business continuity.

5 Use technology

Another way to enhance your risk and efficiency balance is to leverage technology to automate, optimize, or streamline your FM processes and activities. You can use software applications, sensors, or devices to monitor, control, or manage your facilities remotely, securely, and efficiently. You can also use data analytics, artificial intelligence, or machine learning to identify, predict, or prevent risks and improve your decision making and performance.

6 Balance your resources

The last tip is to balance your resources and allocate them according to your risk and efficiency priorities. You should consider the costs, benefits, and trade-offs of your risk management and business continuity investments and actions. You should also communicate and collaborate with your stakeholders, such as owners, tenants, contractors, or suppliers, to align your expectations and objectives and share the responsibility and accountability for your facilities.