Welcome
We all have our ways to deal with uncertainty. Before we had Insurance , we shared our food with our community, and we hunted in groups to spread the loss in case the hunt failed. Isn't this what insurance does? It spreads risk out. Later on, a few geniuses came up with probability math, statistical models and Voila!, we have Enterprise Risk Management! And now again, it emerges an interesting time for the Risk Management World as tried-and-tested tools go through updating and re-scaling to respond to a New World built on AI, human behaviour, trust and the future of work.
With Solopreneurs and Nanopreneurs forming a huge percentage of this new world, will Risk Management have to be scaled back into a mini exercise each time and for every collaboration? How about we come up with a super big blanket to cover all these smaller businesses and the client who engaged all of 'mini' us?
One thing is for sure - my pet grouse still remains after 8 years of being in this business. Risk Management is such a big misunderstood baby and it is still given a second last position compared to Business Development or Sales. Let me tell you here: Risk Management is not a policeman. It is not a collection of forms to complete. And it does not belong only to large corporations or Professional Risk Managers.
With the success of many side-hussle businesses now, Risk Management has never felt more personal and more in-line and more in-touch with our inner thoughts and ideas (we really have business acumen!). Hooray to a big World of talented and bold Solopreneurs and Nanopreneurs!
I am Katherinne Kuan, the Founder of Victory Consulting & Services Pte. Ltd. Welcome!
From my own work (I am a Certified Master Practitioner of Feng Shui) with Feng Shui, which has taught me to be in tune with energy and our surroundings, it is my experience that OUR GUT FEEL HAS TO BE USED IN CONJUNCTION WITH RISK MANAGEMENT TECHNIQUES! Everyone feels this to a certain extent and Risk Management has given a proper term to it: "Risk Appetite". Sometimes we feel a strong push to do something, yet we hesitate. So how to go on? By using a Risk Management tool! Such tools help us reconcile what we are feeling, look at what the information is telling us and consider our decision from different angles. Data and numbers never fail from a logic point of view.
Risk Management gives us a structured way* to look at uncertainty. We can choose the tools that make sense for the situation, but ultimately and I cannot stress this enough: THE DECISION REMAINS OURS! We weigh our instincts against what the risk data shows us, consider how we interpret that information and remain aware of what is happening in the world around us.
* a mathetical way
It is about understanding our exposure, seeing the possibilities from different angles and deciding whether we are ready to take the next step.
The circumstances change. Our tools evolve. Uncertainty never goes away. We do our utmost best to make better decisions, and if in the end, we still decide to go with our gut feel, then at we know it is a conscious decision to do so!
Thus, for better clarity, use Risk Management!