What do you do if your risk management strategies are leading to failures?

1 Assess the situation

The first thing to do when your risk management strategies fail is to assess the situation and understand what went wrong. You need to identify the root causes of the failure, the impact and consequences of the failure, and the lessons learned from the failure. You can use tools such as the 5 whys, fishbone diagrams, or SWOT analysis to help you with this process. You should also gather feedback from your stakeholders, customers, and team members to get different perspectives and insights.

2 Communicate effectively

The second thing to do when your risk management strategies fail is to communicate effectively with your stakeholders, customers, and team members. You need to be transparent, honest, and accountable for the failure, and explain what actions you are taking to address it. You should also apologize for any inconvenience or harm caused by the failure, and express your commitment to improving your performance and quality. You should also listen to your stakeholders, customers, and team members, and address their concerns and expectations.

4 Review your risk management process

The fourth thing to do when your risk management strategies fail is to review your risk management process and identify areas for improvement. You need to evaluate your risk identification, analysis, evaluation, treatment, and monitoring methods, and see if they are adequate, relevant, and updated. You should also consider if you have any gaps, biases, or assumptions in your risk management process, and how you can overcome them. You should also benchmark your risk management process against best practices and standards, and seek external advice or support if needed.

5 Update your risk register

The fifth thing to do when your risk management strategies fail is to update your risk register and reflect the changes in your risk profile. You need to add any new risks that emerged from the failure, and update the probability, impact, and status of your existing risks. You should also review your risk appetite and tolerance, and see if they are aligned with your objectives and expectations. You should also update your risk response plans, and assign clear roles and responsibilities for managing your risks.

6 Learn and grow

The sixth thing to do when your risk management strategies fail is to learn and grow from the experience, and use it as an opportunity to enhance your skills and knowledge. You need to embrace a growth mindset, and view failure as a feedback, not a setback. You should also celebrate your achievements and successes, and recognize your efforts and progress. You should also seek feedback and coaching from your mentors, peers, and experts, and apply the lessons learned to your future projects and endeavors.

7 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?