Chapter 7 In this chapter we consider: • Several tools and techniques to assist with our risk management efforts.


Some tools and techniques worth considering


There are a number of tools and techniques available that can help us to manage our risks. There are others that some may say over-complicate the process and largely fall into the category of “useful” for the professional risk manager, who has the luxury of being able to devote his or her full time and attention to the subject.


Because the purpose of this book is to simplify and demystify the risk management process and make it more relevant to those who feel it’s important but for whom it isn’t necessarily a full-time occupation, there’s no room for most of them here! However, there are a few techniques that are worthy of consideration and therefore worth a few words here.


Brainstorming


Brainstorming is an extremely popular technique which involves thinking quickly and creatively. This is achieved via an intensive, facilitated group discussion, the theory being that by not allowing time for reflection, creative ideas can be generated and problem-solving stimulated. Brainstorming is a very effective technique for the early stages of the risk management process, specifically for the identification of risks and possible countermeasures.


A tried and trusted method of brainstorming risks is to write down the risk categories (e.g. strategic, commercial, financial, operational, technical, etc., as discussed on pages 29 and 30) as headings and, taking the categories one at a time, ask each person in turn to identify a risk. Write it on the flipchart then move onto the next. If someone doesn’t have a contribution during a particular round, don’t


96 CHAPTER 7


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