Worry versus Risk Management
As an anxiety-prone, slightly neurotic hypochondriac, I always say I was meant to be in risk management. But DO these two things go hand in hand? In the last few days, as coronavirus has completely altered my way of life, I’ve asked myself what is the difference between worrying about coronavirus and managing the risk associated with coronavirus.
My husband always says “don’t worry” or “why worry twice? worry when it happens”. This commentary has certainly incited a number of marital spats. But how can I convince that I am not a worrier but a good risk manager? How can I turn the worry I do have into something productive and proactive?
Usually when I start these deep dives into the meanings of things, I go to the dictionary first. I think the dictionary is an often skipped great first reference! So what does the Miriam-Webster dictionary say about worry? “Mental distress or agitation resulting from concern usually for something impending or anticipated”. Read: stress about an identified risk/uncertainty. And so what is the difference between a worrier and a risk manager? Well, both a worrier and a risk manager have identified something, an event, impending or anticipated.
Maybe they both have assessed that risk, but I think a big difference between a worrier and a risk manager is that the risk manager makes this assessment based on both probability and impact and a worrier focuses mostly on impact. Usually if I worry about something my head spirals into the worst worst case scenario and the horrible consequences. I then always try to kick in my risk manager mindset and think about the probability that I, for example, a) get coronavirus and b) get very ill from coronavirus and c) die from coronavirus. Suddenly, I realize that my risk is much less when I take into account both probability and consequence. Ok, but assessment isn’t the biggest difference. I think the BIGGEST difference is ACTION!
Once a risk is identified, a risk manager responds: avoid, transfer, mitigate or accept. I think a worrier gets stuck in a cycle of thinking about the event, and ignoring the other steps of the risk management process. Coronavirus comparison - should I avoid the coronavirus? Ideally I would love this, but there is exposure EVERYWHERE. So unless you have a full pantry and a supply of toilet paper, avoiding is really not possible. Can I transfer my risk? I do my share of this, if something needs to be purchased I send my hubby or pay someone to bring it to me! How about mitigation, well if the hubby goes out or we get things delivered, we try to wipe it down and wash our hands. And of course there are many who are criticizing millennials (I’m technically an “old” millennial, but I don’t identify as one) for accepting the risk and celebrating their spring breaks on the beaches.
Lastly, risk management is a process, where after we have responded we assess our response and begin our identification and assessment again. That isn’t to say that the response should give us risk managers a false sense of security, but it adds information, creates changes to our assessment and informs out future responses.
So to my hubby I say - I am not worrying but managing my risks. And when I DO start to get stuck in a worry cycle, I focus on changing that worry into something productive and proactive by pushing myself to the next stages of the risk management cycle by thinking about probability, how I can respond to the risk, and thinking about how my actions have changed my exposure. So assess, respond, and reflect and be proactive about your worries to become an expert risk manager!