Wie nutzen Sie KM, um Ihre Kommunikation und Zusammenarbeit mit Risikoverantwortlichen und -managern zu verbessern?

Knowledge Management and Risk Management are two sides of the exact same coin. You can't manage what you can't know. The expression is usually what you can't measure but metrics are a mere subset of knowledge and risk is informed and contained by information and know-how. Professionals in medicine, law and accounting are measured by what they know and that is the litmus test they use to evaluate and mitigate the risks they encounter every day. It can also be a mantra: Knowledge Management IS Risk Management and I have been chanting it for decades.

In a project for a financial institution in Greece, we used KM to enhance communication and collaboration with risk owners and managers by first establishing a common language and framework. We defined key terms and concepts such as "risk appetite," "risk tolerance," and "mitigation strategies" during workshops using KM tools like Confluence. This framework was documented and shared across the organisation to ensure consistency. Aligning these definitions with the institution’s vision and mission helped avoid confusion and ambiguity, enabling clear, effective communication and collaborative risk management efforts.

Consider making stakeholders part of prioritizing the risk and mitigation language and framework. When you do this, this gives them a say, but when the team identifies risk and associated mitigations, there is less pushback and more of a team mentality to find consensus as well as alignment in the mission, vision, and values.

Develop a comprehensive glossary that outlines these concepts clearly and concisely. Conduct workshops or training sessions to ensure that all stakeholders, including risk owners and managers, have a unified understanding of these terms and how they relate to the organization's risk management framework. This proactive approach not only fosters better communication and collaboration but also reduces the chances of misunderstandings or misinterpretations regarding risk-related matters. From my experience, this foundational step is critical in building a risk-aware culture and enables teams to make informed risk decisions aligned with organizational objectives.

Knowledge managers actually play a huge part in risk management. Besides data breaches, organizations’ most-considered risks are knowledge loss, disinformation, and unreliable information. In my research, I found a relationship between knowledge and risk - Risk is informed by knowledge that is readily available, while new knowledge is informed by risk”. This creates a perpetual cycle.

Create a central repository where all risk-related information - such as risk assessments, mitigation strategies, and lessons learned - is stored and easily accessible. For example, if your team is managing a large project, document all identified risks, their impact, and management actions in a shared knowledge base. Implement real-time updates and notifications, so risk owners and managers are immediately informed of changes or new entries. This ensures everyone stays aligned and can collaborate effectively on risk mitigation strategies.

In the financial institution project in Greece, we enhanced communication and collaboration by sharing and documenting risk knowledge. We captured information on risk sources, causes, impacts, and responses using a centralised KM platform like SharePoint. This included detailed risk registers, impact assessments, and mitigation plans. By sharing this knowledge, we created a shared understanding of the risk landscape, learnt from past experiences, and identified best practices. Regular updates and reports were generated to monitor risk performance and outcomes, ensuring everyone remained informed and aligned.

To share and document risk knowledge, we must start with the risk assessment. Risks must be identified, categorized, mitigated, and monitored. The risk assessment must have it's own document be properly stored for future reference- not hidden away in a PowerPoint. Most organizations have risk assessment templates for recurring operations. For example, an Army company will archive a risk assessment template for a gun range, since gun ranges happen often. The gun range planner can modify the template based on extra or specialized tasks that will take place in addition to the gun range.

Let's say you have a team handling various risks, right? So, to make sure everyone’s on the same page and dealing with risks effectively, you’d want to document what you know about different risks. It's like creating a knowledge library about risks – what they are, how they impact, and what actions to take. This way, when team members need info or new risks pop up, everyone knows where to look and what steps to follow. It’s like having a risk manual for your team!

A specialized knowledge database is pivotal for cross-organizational risk management. Our approach involves integrating this database into relevant processes to encourage utilization and upkeep. Designed for rapid information retrieval and risk comprehension, users can add new risks, enhance current entries, or flag them for updates. A dedicated team oversees the database's application, offering insights for ongoing refinement and facilitating targeted risk management workshops.

In a financial institution project in Greece, we facilitated risk learning and innovation by creating opportunities for risk owners and managers to exchange ideas and feedback. We organised regular risk workshops and brainstorming sessions, encouraging open discussions and creative problem-solving. We set up dedicated channels for continuous dialogue and idea sharing using KM tools like Microsoft Teams. This fostered a culture of risk awareness and innovation, enabling the generation of new strategies and actions for managing and mitigating risks, and enhancing overall risk management practices.

Creating a culture of continuous learning and collaboration is essential for effective knowledge management in risk communication and mitigation. Practical inputs include implementing knowledge-sharing platforms, conducting regular risk awareness workshops, developing standardized risk documentation processes, encouraging open communication channels, and fostering a mindset of shared responsibility for risk management. These strategies promote transparency, enhance decision-making processes, and empower teams to proactively identify and address risks, thereby improving overall organizational resilience and agility.

To fully support decision making, it's important that organizations create and understand a risk legend that describes the event's outcome, likelihood, and consequence. In addition, managers must be prepared to communicate the outcomes and take full responsibility thereof. For example, I am planning a company picnic. While conducting a risk assessment, I look at the weather forecast and notice a 100% chance of rain with thunderstorms and flooding. On my risk assessment, I list the weather as guaranteed and catastrophic- meaning that the consequences will cause grave damage and suffering. If I continue with the event under these circumstances, I must prepare and be responsible for a small crowd and serious injuries to those who show up.

In a financial institution project in Greece, supporting risk decision-making was like providing a compass for explorers. We equipped risk owners with KM tools like Power BI dashboards, offering clear, real-time data on risk indicators. For instance, during market changes, these tools guided managers to adjust investment strategies confidently. By aligning these decisions with organisational goals, we ensured everyone was on the right path. This approach boosted the effectiveness, efficiency, and accountability of our risk management efforts, leading to successful navigation through any challenges.

Effective knowledge management (KM) can significantly enhance communication and collaboration with risk owners and managers by supporting informed decision-making and action. For example, by centralizing risk-related information, KM systems can provide real-time updates on emerging risks, enabling quick responses and proactive risk mitigation strategies. This facilitates better coordination among stakeholders, ensuring everyone is aligned with risk management goals and strategies.

A dynamic Knowledge Management (KM) system is a beacon of agility, illuminating our teams' paths with timely insights. Seamlessly woven into our daily operations and stakeholders' journeys, it proactively delivers: - Lessons Learned: Empowering decisions with past wisdom. - Best Practices: Elevating standards with proven strategies. Imagine a system that alerts you to emerging risks, complete with triggers and mitigation steps, or one that suggests related risks at the onset of a new analysis. This is the proactive pulse of a living KM system—always alert, always aiding. Together, we're not just reacting; we're anticipating, adapting, and excelling.

Capture the lessons learned, mitigation plans etc. Provide online forum to discuss and analyse risk, Share best practices for risk management, credentials etc. Try to create insights and visualisation for the risk data.