Current research suggests that traditional risk management practices involving risk registers and software packages like Microsoft Excel might not be very effective anymore. Events over the recent years, e.g. 9/11, the financial crisis, or the nuclear disaster in Japan, have shown us that current risk management tools are insufficient to cope with (future) undesirable events.
Effective risk management is mainly about people and communication. Hence, we may need a more “human” approach to managing risks which focuses on raising risk awareness in organisations and engaging the key parties in analyzing and managing risk. We could call this Collaborative Risk Management.
Read about how Collaborative Risk Management has worked in practice in this article.