What to Do When the Downside Risk Event Occurs
13 Jun 2009 | Category: risk-management | Author: admin
You have done all your risk management in advance and understand the risks. There is a downside risk of 1 in x of unfavourable and possibly catastrophic outcomes. You mitigate to the best of your ability and take the view that the benefits that will accrue from your decision will far outweigh the possible risks. You take the decision to proceed and then an unforeseen event causes a catastrophic outcome for your activity. At this point many people flee and work hard to ensure their name cannot be associated with what took place. Strong organisations will not allow this to happen as accountability will have been clearly established before, during and after the event. If you are the owner of one of these decisions how you now act will determine the sort of future you can expect. This will usually range from no future at all in the industry you are in to being given a second chance and rising to the top.
The first step is to acknowledge that the event has occurred and to describe as fully as you can the consequences. Don't at this point waste time on blame and finger pointing. Stand tall and explain clearly what has happened and engage the best people you can surround yourself with to clearly describe the situation you now own. If you are the right person to lead the response then offer yourself up as the leader. If you know someone who would be a more appropriate leader engage them and offer to support them in their role in every way you can. Keep a calm head and do not react to those who are criticising you or slinging mud your way. Keep focussed on what needs to be done to address the situation that has arisen. Use all of the skills you used to get to the level you are currently at to apply your energy to the task in hand. Remaining level headed and getting done what needs to get done will all be remembered with power when the current work is done.
The second step is to accept for yourself what has happened and be willing to suffer the consequences for your career. Remain accountable with the decision you took. You may suffer with the current company you are with but you will suffer less than backsliding or distancing yourself from a decision you took. Hold firm with sound integrity and there is a good chance you will be given another opportunity to show what you can do.
Comments
This article hasn't been commented yet.
Write a comment
* = required field