10 What is risk management?

Videos 1-9 in this series cover risk management basics. Now we move to a set of videos exploring the risk management process. Videos 10-31 address key "how-to" questions, with valuable insights and tips from David. We start with the basic question - What exactly is risk management?
[NOTE: We have recently discovered an audio problem on the first ten videos in this series, including this one, which causes the sound level to vary. We apologise for this problem and the video production team are trying to fix it. We hope it does not spoil your enjoyment of the video content.]

[@najamansari8222]

Currently I'm pursuing a certificate in Risk Management Framework and had some questions about it. These videos are proving to be the best source. These videos are epitome of knowledge and experience. Thank you RiskDoctorVideo.

[@Risk-Doctor]

Thank you Najam. Your response is very encouraging, and I'm delighted that these short videos are helpful for you.

[@vibhasjoshi8728]

Very simple and yet very useful explanation of Risk Management process.

[@Risk-Doctor]

Thanks, I'm glad you found it useful.

[@bukirwasarah3319]

Thank you David you make things so simple to understand

[@Risk-Doctor]

Thank for this positive feedback Sarah, it's very encouraging.

[@khanyisilemthethwa4775]

These videos have completely changed my narrative on Risk Management! I am so grateful to have found this YT channel. Are there any videos on Combined Assurance? I would like to understand that concept more, thank you.

[@Risk-Doctor]

Thanks for the positive feedback. I don't have anything on combined assurance though - this is a specialised area outside my expertise, sorry.

[@Flygirl-zk7qi]

Great explanation....Thank you

[@Risk-Doctor]

Thanks!

[@saleet1000]

They way he explain is so easy to understand, i am using Gliem review and video lectures are trash, the lecturer of gliem is just repeating bookish wording

[@Risk-Doctor]

Thank you Billawal, I'm glad you like these videos.

[@chetanasin9150]

Thanks

[@Risk-Doctor]

Welcome

[@josephsmyth832]

Isn’t the topic of risk management associated with understanding the different strategies in game theory?

[@Risk-Doctor]

Thanks for your comment Joseph. I don't know enough about game theory to be able to agree or disagree with you, sorry!

[@itube.995]

Wonderful 🙏🙏

[@Risk-Doctor]

Thanks!

[@itube.995]

@@Risk-Doctor I like all your vedios , much useful
I would like to thank you for your effort
Which helping me toooo much

[@Risk-Doctor]

@@itube.995 I am very glad to hear this. My goal is to share my insights so that others can build on them. I wish you success in managing your risks.

[@itube.995]

@@Risk-Doctor Thanks too much
for me you are the best thinker and speaker about risk especially your 100 video about the risk , these videos helped me too much

[@Byazviews]

Looks like the ISO 31000 process to me, and how you can understand it. Yet the most important question is missing: who shall I contact to talk about these objectives and who shall I ask these questions about these objectives?

[@Risk-Doctor]

Hi Peter. This description of the risk process using underlying questions is independent of ISO31000. It's intended to provide a generic framework for any risk management process, based on a logical flow.
The first question is about clarifying objectives (What am I trying to achieve?). You ask who you can contact to find out about objectives. This is the business owner, the project sponsor, the customer or client - whoever has commissioned the project. Then the following questions are for you to ask yourself and the team.
I hope this clarifies, and thanks again for your comment.

[@PeterBlokland]

@@Risk-Doctor As I said, it seems nothing more than a specific application of the ISO 31000 risk management process.

[@Risk-Doctor]

@@PeterBlokland I guess the question is which came first: these structuring questions or ISO31000?! It seems to me that the questions are more generic, and ISO31000 is one specific instantiation. In the end, it doesn't matter though, as long as we're following a process that makes sense and includes all the essential steps.

[@PeterBlokland]

@@Risk-Doctor Indeed. I used the same approach almost 25 years ago in managing things, even not knowing about "risk management" at that time. I just recognised this same kind of approach when ISO 31000 was issued in 2009.