How To Manage Personal Risk

How To Manage Personal Risk

Life involves lots of uncertainty and unknowns yet we are all expected to get on with things, make decisions and we are expected to be successful.

To battle through uncertainty and to make the best possible outcomes, often in times when there is less than perfect knowledge available, we have to deal with Risk as decision-paralysis will never be an option.

The following strategies will seriously reduce your Risks in a variety of different situations:

  1. Always get things in writing: this will make any issues crystal clear and avoids any uncertainty around verbal agreements, which are notoriously difficult to work with.
  2. Read the small print: the Devil, as they rightly say, is always in the detail! Know everything that you have agreed to.
  3. Ask, very clearly, what could go wrong: never leave yourself in a position where the potential errors and faults are something that you cannot picture or understand.
  4. Have a back-up plan: never, under any circumstances, leave yourself open to any uncertainty and reliance on the plan working out perfectly. Perfection rarely happens but disaster, without a back-up frequently does!
  5. Spread your Risk: never rely on just one approach to an issue or a problem. Having a number of options will drastically increase your chances of success.
  6. Expect the unexpected: always have it in your mind that things rarely go the way that you expect them to,
  7. Have an exit strategy: be very clear that if things go wrong then you have a way of withdrawing from the situation, hopefully unscathed. Define and assess how you can get out of a situation in measurable and practical terms.

Good Luck!

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