Summary of Fundamentals of Risk Management

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Fundamentals of Risk Management summary
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8

Qualities

  • Applicable
  • Eye Opening
  • For Beginners

Recommendation

Risk management is a way of thinking and making decisions that doesn’t eliminate hazards, but that enables you to weigh costs and benefits and take rational chances. This US Air Force Safety Center video teaches a five-step risk management protocol that applies to job safety and daily hazards. Whether you’re running a company, fixing equipment or buying a house, something can always go wrong, but forethought helps you contain any damage. Tech. Sgt. Lisa Gonzales created this charming, old-school, often funny (featuring a speaker with a big, waxed mustache and a funky guy making an Elvis sandwich) training video offering broadly applicable basics about risk management thinking.

About the Speaker

US Air Force Tech. Sgt. Lisa Gonzales made this video for the US Department of Defense, Air Force Safety Center public affairs office.

 

Summary

Risk management allows you to take thoughtful risks.

Practicing risk management doesn’t eliminate or avoid all risk; it helps you assess and manage it. Life entails taking many risks. Risk management is a way of thinking that enables you to take only rational risks after considering an action’s potential costs and benefits.

Risk management doesn’t concern only remaining safe on the job. Everyone spends time trying to stay safe at work. For that reason, the five-step risk management process below fits nicely into most safety protocols. Risk management proves equally valuable in daily life. It allows you to assess the upsides and downsides of situations, and gives you a chance to insulate yourself against the worst consequences if something goes terribly wrong.

Risk management has four principles: Don’t take pointless risks, take risk only if you’re the right person to do it, always manage risk and always apply risk management thinking.

Risk management’s first guiding principle is that you should never take pointless ...


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