Do we all really know the difference between Risk Management and Risks? Many people often confuse these two concepts and that itself is a bigger RISK! 

So what is the difference? A risk is defined as the uncertainty of an outcome, where the outcome is either a positive opportunity or a negative threat. A lot of us only think about the negative threat and never about the opportunity that comes with it. 

For example: You are thinking of extending your house. There are certainly some risks:

·        It could go over budget

·        it could take longer than expected

·        the contractor could run off with your money

·        and a whole lot more 

Many of us would identify these risks and decide against extending the house without looking at the positive opportunity.

On the other hand, some of us would look at the positive opportunity:

·        having more rooms for the kids

·        more space

·        extra guest bathroom

And so make decision to proceed WITHOUT identifying the possible risks.

Risk Management is about capturing both of these views and managing the project through the lifecycle so that you see the value in the investment: you want the outcome of the positive opportunity while identifying all the risks and managing these risks to ensure you have the desired outcome.

Numerator’s Risk Management Training Course will provide great insight to anyone that wants to be able to understand and manage risks in any environment. We will provide you with case studies that will allow you to adapt the concepts learnt as well as take you through a Risk Management Framework.

If you don’t invest in risk management, it doesn’t matter what business you’re in, it’s a risky business.