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Risk Management: The Role of Business Instinct

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.

Risk Register by ProjectBalm

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.

ops and risks.PNG

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?

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Tim Kopperud
Community Leader
Community Leader
Community Leaders are connectors, ambassadors, and mentors. On the online community, they serve as thought leaders, product experts, and moderators.
November 26, 2023

I have used this app for several years, on server/DC instans, and have to say it is a very good tool for tracking and reporting on risks. The end users utilized it heavily. Highly reccomended. 

I'm specially pleased with the important feature to establish several risk models. I mean OPS, DEV, PM, HR etc. shouldn't all use the same "one single risk model" within a company. They should each adjust their risk level (color), based on impact-probabillity, to a level adjusted to the company's risk appetite. Only then will aggregated risk reports be "correct "within i company. 

@Craig Schwarze _ProjectBalm_,I might suggest/tip for ProjectBalm publishing dedicated article expanding on this important risk subject.😉

TimK. 

I have no affiliations with ProjectBalm.

Craig Schwarze _ProjectBalm_
Marketplace Partner
Marketplace Partners provide apps and integrations available on the Atlassian Marketplace that extend the power of Atlassian products.
November 27, 2023

Hi @Tim Kopperud, we are so glad to hear you are having a good experience with Risk Register! Thanks for the article suggestion - we will look into it.

cheers,
Craig

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