The first two Ws in risk management are “Who and Where do we go?” which means finding a reliable partner to objectively address concerns for threats. This stage is all about gathering information about threats, their probability, and their impact. The third, “What should we do?” is the stage for developing a strategy after the threats have been identified. Creating a plan of action to address and mitigate these risks is crucial to start motion to stay ahead of the curve.
Fourthly, “When should we do this?” refers to the right timing for you to start addressing risks. Staying ahead and being early is ideal, but risk management should be a continuous process. Threats may arise at any unpredictable time and with every decision you make. The last W, “Why are we doing this?” circles back to the reason behind the mitigation strategy. Every person has a different reason to mitigate risk, and this allows you to clearly outline objectives and goals before seeking risk management.
