Risk Management Before and After the Event
It is a truism that what can happen will happen. While we hope to avoid serious losses, part of risk management is preparing for the inevitable.
Before the event:
Give senior management the information they need to make informed decisions.
Share information with everyone who needs to know.
Update information regularly.
After the event:
Look at possible consequences for the entity – lawsuits, loss of reputation, etc.
Identify and report on lessons learned.
If warnings were overlooked or ignored show how to be better prepared next time.
Use the opportunity to promote better risk management.