The recent turmoil in the financial markets should have made us all aware of the need for better risk management. I suppose that the lesson that we should all take from this ghastly recession is that whilst taking risks is not necessarily a bad thing, ignoring risks always is!

The problem for most of us is that we are not particularly good a risk management: our risk appetite often exceeds our capacity to cope with the negative manifestations of risk (issues) and frequently masks the opportunities that can accompany uncertainty. What we can be reasonably sure of is that once the smoke clears, additional legislation and the pursuit of the guilty will take precedence over learning the lessons and there is a real danger is that such actions will encourage us to become so risk-averse that we stifle creativity and hamper recovery (something that the banks in the UK already stand accused of). David Hillson, in his March 2009 briefing, makes an excellent case for avoiding over-regulation and argues that corporations should embrace risk management as part of our strategic and tactical decision-making processes.

I, for one, have taken David's advice to heart. Projects are inherently risky undertakings and all project managers have a responsibility to ensure that risk management is an integral part of their project planning and control activities. Despite having extensive risk management training, I feel that I can do more to add value to my clients' ventures. Accordingly, I've begun my studies for the APM's Risk Certificates: my target date for Level 1 is November 2009 and, work and family commitments permitting, Level 2 will follow in 2010.

There's an added bonus in that my latest adventure will contribute both to my CPD hours and provides me with an excuse to indulge my passion for new books!

Labels: Risk