Risk management professionals continually seek new methods and processes to improve their outcomes. They typically have a preference for empirical tools, which are grounded in objective data and quantitative analysis, as a way to reduce uncertainty and subjectivity in risk management. The appeal of these tools lies in their ability to provide concrete, measurable, repeatable outcomes that can be subject to scrutiny.
However, we should not ignore business instinct, which is a concept recognized by psychologists. Business instinct refers to an intuitive understanding of the business environment, cultivated through prolonged industry experience. It encompasses deep, often unarticulated insights that can be used to inform strategic decisions. This intuitive grasp of the business landscape enables people to anticipate and respond to situations in ways that purely empirical methods may not match. Many good decisions have been made by those who "trusted their gut."
Relying solely on business instinct, however, can be problematic. Instinct is inherently subjective and can be influenced by personal bias and experience, potentially leading to skewed risk assessments. To counteract this, a balanced integration with empirical methods is crucial. By combining the empirical rigor of analytical processes with the nuanced insights of business instinct, risk managers can create strategies that are both grounded in reality and attuned to the subtleties of the business environment.
Identifying and recording risk insights is much easier when you have an appropriate tool. This is one reason we created Risk Register by ProjectBalm.
Our goal was to automate best practice risk management techniques, and do so via an elegant, usable interface that works with you, and not against you. Risk Register will help you to identify, analyse, treat and monitor risks more easily and effectively than ever before.
If you are experienced at risk management, you will find in Risk Register a tool that works the way you want it to work. If you are new to risk management, our documentation and videos will take you through the whole risk management process, giving lots of useful examples.
Risk Register is fully compatible with risk management standards such as ISO 31000, and can also be used for governance, risk, and compliance (GRC) programs such as Sarbanes-Oxley and PCI. And, of course, Risk Register allows you to easily distinguish between opportunities and threats.
Over the last few years, we've grown to become the most popular risk management solution in the Jira marketplace and we are now an Atlassian Platinum Partner. Why not try out Risk Register by ProjectBalm for yourself?
Craig Schwarze _ProjectBalm_
Founder at ProjectBalm
ProjectBalm
Sydney
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