No one is THAT stupidare they Risk Management Strategies

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No one is THAT stupidare they?Risk Management
Strategies

• Presented by Drew Dudley
• Coordinator of Campus Life and Leadership
  Development
• University of Toronto at Scarborough

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• What is risk?

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What is risk?

• Risk is the possibility of suffering damage or
  loss.

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• Is risk inherently bad?

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Is risk inherently bad?

• Risk in itself is not bad risk is essential to
  progress, and failure is often a key part of
  learning. But we must learn to balance the
  possible negative consequences of risk against
  the potential benefits of its associated
  opportunity.
• -Roger L. Van Scoy

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Risk Management

• What is important is that we effectively evaluate
  which risks can be effectively managed.

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• So what is risk management?

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What is risk Management?

• Risk management is the process of planning,
  leading, organizing and controlling your
  resources and activities in order to cost
  effectively minimize the adverse effects of
  accidental losses.

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• How do we do that?

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The Risk Management Cycle

• Identification of risks
• Evaluation of risks
• Creation of strategies for the management of
  risks
• Implementation of risk management strategies
• Assessment and adjustment of risk management
  strategies

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Step 1 - Identification of Risks

• In your groups, take 10 minutes to identify all
  the risks you can for your assigned day of
  Orientation.
• Please have one person record them on the
  assigned sheet.

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Step 1 - Identification of Risks

• There are a number of different kinds of risks
• Physical Risks
• Reputation Risks
• Emotional Risks
• Financial Risks
• Facilities Risks

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Step 1 - Identification of Risks

• Do the exercise again on the newly provided
  sheet, listing every potential risk you can think
  of for each category (that you havent listed
  already), and see if it helps you identify more
  potential risks.
• Please have one person record them on the sheet.

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Step 1 Identification of Risks

• Two processes you can use to help you examine
  events and identify risks
• The Walk Through
• The Six Hats Thinking Approach

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Step 1 Identification of RisksThe Walk
Through

• Break your team into pairs
• Have each pair place themselves into the shoes of
  Joe Student or Jane Student
• Have them create a very detailed, step-by-step
  walk through of what the average event attendee
  will experience
• At the next meeting, have each group read out
  their walk-through, and note what questions arise
• Assign one group the task of creating the
  experience of Joe Idiot or Jane Idiot

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Step 1 Identification of RisksThe Six Hats
Thinking approach

• This approach will create decisions and plans
  that mix
• Ambition
• Skill in Execution
• Public Sensitivity
• Creativity
• Strong contingency planning

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Step 1 Identification of RisksWhite Hat
Thinking

• Focuses on the hard data available
• Looks for gaps in the data you have
• Analyzes past trends and extrapolates from
  historical data
• Focuses on quantifiable things

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Step 1 Identification of RisksRed Hat
Thinking

• Looks at plans using intuition, gut reaction, and
  emotion
• Examines how others will react emotionally to
  your plans

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Step 1 Identification of RisksBlack Hat
Thinking

• Focuses on the negative aspects of your plan
• Allows you to identify the parts of your plan
  that need strengthening
• Allows you to identify what contingency plans
  should be prepared

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Step 1 - Identification of RisksBlack Hat
Thinking

• Establish what risks fall in each category
• Physical Risks
• Reputation Risks
• Emotional Risks
• Financial Risks
• Facilities Risks

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Step 1 - Identification of Risks Yellow Hat
Thinking

• Focuses on the positive things in your plan
• Examines what value your plan is going to produce

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Step 1 - Identification of RisksGreen Hat
Thinking

• Stands for creativity
• Involves brainstorming solutions to identified
  problems
• Nothing is too stupid

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Step 1 - Identification of Risks Blue Hat
Thinking

• The blue hat stands for process control
• Worn by the people chairing your meetings
• Responsible for triggering shifts between hats by
  the group

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Step 2 - Evaluation of risks

• For each risk, evaluate the following
• Potential consequences to the individuals
  participating in the event
• Potential consequences to the organization/individ
  uals running the event
• Potential consequences to the U of T
• Potential consequences to the community/community
  members
• At the end, rank all of the risks from highest
  possible consequences to lowest

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Step 2 - Evaluation of risks

• Pick one risk you identified, and list the
  following for each
• Potential consequences to the individuals
  participating in the event
• Potential consequences to the organization/individ
  uals running the event
• Potential consequences to the U of T
• Potential consequences to the community/community
  members

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Step 3 - Strategies for the Management of Risks

• For each risk, ask the following questions
• What can we do to mitigate this possible risk?
• How does this actually mitigate the risk?
• How can we put this strategy in place?
• What resources will we need to make this happen?
• Who will be responsible for making sure this is
  done?
• What will we do if something does go wrong?
• How will we pay for it if something goes wrong?

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Step 3 - Strategies for the Management of Risks

• For the same risk you identified for the last
  question, answer the following questions as a
  group
• What can we do to mitigate this possible risk?
• How does this actually mitigate the risk?
• How can we put this strategy in place?
• What resources will we need to make this happen?
• Who will be responsible for making sure this is
  done?
• What will we do if something does go wrong?
• How will we pay for it if something goes wrong?

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Step 3 - Strategies for the Management of Risks

• You must determine which of the following you
  will do for each risk
• Eliminate the risk
• Limit the risk
• Accept the risk
• As a group, decide what you will do with your
  identified risk.

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Step 4 - Implementation of risk management
strategies

• Make sure you do the following
• Document your action plans
• Educate members of your organization and event
  volunteers on what the plans are
• Ensure those individuals who have key
  responsibilities in the implementation of your
  plans are aware of those responsibilities
• Set up steps to ensure the implementation of the
  plans are monitored

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Step 4 - Implementation of risk management
strategies

• General tips to help mitigate risk
• Have waivers on hand for any event that is high
  risk
• Include a disclaimer on all tickets
• Have all organizers sign contracts indicating
  they will remain sober
• Hold a volunteer meeting prior to the event

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Step 4 - Implementation of risk management
strategies

• Resources for liability questions
• Pro Bono Students Canada
• http//www.osgoode.yorku.ca/pbsc/
• Downtown Legal Services
• http//www.dls.utoronto.ca/

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Step 4 - Implementation of risk management
strategies

• General tips to help mitigate risk
• Have waivers on hand for any event that is high
  risk
• Include a disclaimer on all tickets
• Have all organizers sign contracts indicating
  they will remain sober
• Hold a volunteer meeting prior to the event

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Step 5 - Assessment and adjustment of risk
management strategies

• A crucial step too often overlooked
• Set up the debrief meeting BEFORE the event
• Ask yourself the Hey Idiot questions

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• Questions/Comments?
• www.utsc.utoronto.ca/dudley/risk.html