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LTG Patrick O’Reilly spent 34 years in the US Army, serving in different capacities. His most important roles came later in his career when he was given heavy responsibilities to develop protection of the United States, our military, and our friends and allies from ballistic missiles. Along with that job came the inherent ability to properly manage risk in a variety of situations. Upon LTG Patrick O’Reilly’s retirement from the US Army in 2013, he has consulted industry and university leaders, coaching young adults, and preparing people to be able to face challenging issues. One of the key features of LTG Patrick O’Reilly’s consulting was teaching risk management techniques. (1) Never settle. The environment in which we operate is not static, and neither should you be. The industry, market, political, and social environments are constantly changing, which means your levels of risk are also fluctuating. LT Gen Patrick O’Reilly is continually looking for changes that could affect his risk. (2) Limit Exposure. If you are ever able to take a proven route to effectively achieve your goals, do so. LTG Patrick O’Reilly says there is nothing wrong with taking the proven route, if it exists. In fact, it would be foolish to choose a risky option over a safe one. Risk is rooted in exposure to unknown outcomes, so knowing a potential outcome immediately reduces your risk. (3) Transfer your Risk. Risk is always going to exist in any business situation, but that does not mean you cannot cover yourself in responsible ways. LT Gen Patrick O’Reilly seeks to transfer risk from himself to another party when possible. This usually involves collaboration or insurance. While you may pay the cost up front, it can provide healthy benefits in the case something goes wrong. (4) Be Objective. LTG Patrick O’Reilly always seeks multiple opinions when assessing risk. While he has seemingly mastered the ability to be objective in his own decisions, there is always the risk that he will have a skewed view. Until you can know for a fact you are being unbiased, it always pays to seek multiple perspectives on an issue. (5) Accept and Move On. Even if you are a highly successful speculator, LTG Patrick O’Reilly is convinced that you will fail at some point. If you never fail, it means you are not taking enough risk. Good risk takers know how to expect occasional failure and minimize consequences. http://www.eldersinsurance.com.au/news/the-four-techniques-of-risk-management
http://www.risklimited.com/risk-tips.htm
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