From the course: Leading in Government
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Risk management in the public sector
From the course: Leading in Government
Risk management in the public sector
- Stunt performer Evel Knievel said, "Risk is good. "Not properly managing your risk is a dangerous leap." Risk management is being able to see ahead and assess the nature and impact of risk that may occur. It's what you do to avoid problems or minimize their impact. In government, you often have large numbers of people counting on you to deliver a quality product and service in a timely manner. The risk of not being able to deliver can come from a number of sources, including financial, legal, and political. They can be the result of emergencies or planning errors. But there's a simple process to manage the risk that may occur in the future. The first step is to identify the risk. What is the nature of the risk? Where does it come from? As part of this step analyze the risk and its potential impact. Use a categorization system to rate the risk as high, medium, low. And consider the probability that it will occur. For example, the transportation office is tracking the risk of a…
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