Posts Tagged ‘Risk Prioritization’

Risks come in many forms at all levels across industries and nations. Appropriate risk response is vital for the survival and success of every nation. This is a time when every nation needs to be on an offensive, prepared to face not only the critical risks and issues threatening nations, its industries and communities, but also the resulting decline in economic development and threat to the nation’s very existence. It is not the crisis or risk itself, but rather the associated damages that follow exerts an enormous toll on not only survival but development and growth for any nation; irrespective of whether said nation is developed or developing.

Nations have witnessed many crises over the years facing their nations and the global community, and they have also witnessed misdirected efforts by decision makers to manage such crisis. This raises a very important question. Do the decision makers understand that knowing and talking about risks is one thing and pretending to resolve those risks is another. Risk response that is off target does not bring the expected results one way or another. There seems to be a fundamental disconnect between knowing risks, prioritizing them and having targeted risk response strategy. It is important to understand that just as risk prioritization matters, targeted risk response matters even more.

This makes it very important that every nation learn to manage the economic and development impacts of managing risks and crisis. Every nation needs to prepare for the major changes to come. It is time that nations provide a non-partisan disciplined environment for managing critical risks.

•Do you think there is a serious disconnect between what risks needs to be managed critically and what risks are being managed in your nation?
•Do you think the risk response to your nation’s risks is off target?

With an eye on the future I look forward to a meaningful dialogue to manage critical risks. Let me know your thoughts.

Jayshree Pandya PhD
Global Risk Advisor