How To Identify a Risk (Third Party Risk Management: The Basics Course)

Meet Nick Francis, the Chief Product Officer at Brooklyn Vendor Assurance (BVA). Nick is back with Chapter Two of the BVA Risk Management Basics course, where he continues to share his expertise in risk management and its application when managing vendors at scale.

Topic:
In this chapter, Nick focuses on "Identifying a Risk and the Personal Risk Parallel." He builds on the foundation laid in Chapter One, where participants learned what constitutes a risk, its causes, and its impact on goals. Now, Nick introduces the concept of the "personal risk parallel" by relating risk management principles to everyday life scenarios, specifically using the example of getting to work on time.

Through relatable examples, Nick demonstrates how individuals already practice risk management in their personal lives without realizing it. He outlines three risk scenarios related to getting to work on time and identifies potential causes that can turn these risks into issues.

Moreover, Nick discusses risk treatment methods, such as mitigation, avoidance, transfer, and sharing. He explains how these treatments can effectively address the identified risks in the personal context.

Throughout the chapter, Nick emphasizes the transferability of risk management skills from personal life to a corporate setting. Participants will gain valuable insights on how to apply these skills in their professional roles, especially when dealing with vendor management and supply chain risks.

By the end of this chapter, attendees will have a clear understanding of how to recognize and manage risks effectively, both in their personal lives and within a corporate context. Nick's engaging teaching style and practical examples make this an insightful and rewarding learning experience, empowering participants to become accomplished risk managers in their professional endeavors. Participants will eagerly anticipate Chapter Three, where Nick will explore the application of risk management in a corporate environment, bringing them one step closer to mastering the art of risk management.