The year 2019 is upon us and your time for reflection on the past year should provide new insights.
As
you review all the major events and milestones of your life in 2018,
focus on what you have learned. Write down at least three areas of your
life that will improve or be better, as a result of some new insights
or lessons, that are being applied from your past 12 months.
Consider the application of a new online tool or process, to improve your daily tasks such as a simple calendar or even Trello.
Perhaps you even found a new routine to help you get a better nights
sleep, so you feel rested and more effective in your role or specialty
each day.
How
might you change the way you approach your relationship building, with
the use of a more transparent and direct communication style?
Launching into 2019 is a daunting challenge and yet so multidimensional from an "Operational Risk" perspective. Here is a quick review:
Operational risk is defined as the risk of loss resulting from inadequate or failed processes, people, and systems or from external events. These risks are further defined as follows:
* Process risk – breakdown in established processes, failure to follow processes or inadequate process mapping within business lines.
* People risk – management failure, organizational structure or other human failures, which may be exacerbated by poor training, inadequate controls, poor staffing resources, or other factors.
* Systems risk – disruption and outright system failures in both internal and outsourced operations.
* External event risk – natural disasters, terrorism, and vandalism.
The definition includes Legal risk, which is the risk of loss resulting from failure to comply with laws as well as prudent ethical standards and contractual obligations. It also includes the exposure to litigation from all aspects of an institution’s activities.
Now
with Operational Risk in mind, begin your journey map for 2019. Left
to right on a 8.5 x 11 sheet of paper, start sketching out your
timeline. Draw some square bubbles of major work or life tasks
that you will be involved with or places that you will be traveling to
across the globe.
In advance of these square bubbles of activity, what needs to be accomplished in general, that you need to do or prepare for, to help insure the success or minimize the risk of a potential failure? Draw some small circle bubbles around those squares in advance, to give you a more visual perspective of the "Operational Risk" areas that should be considered.
Maybe
you are embarking on a new career or major work project. Maybe you
will be traveling overseas to new countries. Maybe you will be creating
a new business unit or product. Maybe you will be growing your social
network. Maybe you have a son or daughter getting married. Maybe you
have a loved one who is now transitioning to an "Assisted Living"
facility or moving in with you for care.
Now that you are looking at your sketch, it is time to embark on your upcoming Operational Risk missions. There is always time that can be devoted to your advance work. Your preparation. Your "What if" scenario thinking.
"What if" you asked your team, your group, your family, your company to devote just a few more hours this year to Operational Risk Management (ORM)? How might your fellow workers, team mates or family members benefit from fewer Surprises, Unknowns, Significant Disruptions, even Outliers? How might this bring all of you greater confidence?
You see, 2019 and beyond will be even more challenging and multifaceted. Our world is accelerating. We have grown less patient with rapid change itself. The chaos you feel and the anxiety that our human emotions are experiencing, is simply a factor of our readiness. Our ability to adapt and to pivot just at the right moment. Accelerating us towards greater Resilience...
