Evaluating and Managing Risk 4: My Risk Assessments

The risks we will be talking about are my currently not diverse income and our very divided society. It seems to make the most sense to consider the risks which came from the SWOT analysis as events to feed into the risk management process. The other way would be to look at them as the hazards which come from the event but I don’t like removing that initial analysis.

First to my non diverse income.

We will apply the steps of risk management:

Assess hazards: Probability- Likely, Severity- critical. Putting those two together in our handy matrix and the risk level is high.

Develop Controls and Make Risk Decisions- Controls. Obviously there are two sides to anything financial, income and liabilities.

To the income side I need to get a couple of things going. Currently I have one side gig. I could use 2 more. The planned route for the second one is teaching. The other is still in the idea phase.

On the income side I  also going to save some more cash as a buffer.

On the liabilities side I am going to avoid debt. This is mostly just about maintaining. I use a credit card but rarely carry a balance from month to month.

Implement Controls: I will implement these planned controls over time. Like any plans these should have timelines with measurable goals associated to them but I am not going to go that deep in public.

For saving I will use a regular monthly plan paying myself first.

Supervise and Evaluate: Checking back monthly with these plans to see how things are going makes sense. I will adjust things as needed.

Next is  the very divided society in which we currently live.

Identify Hazards: Personal violence. Damage to property. Social/ economic problems.

Personal violence- Occasional x catastrophic = High
Damage to property- Likely x moderate= Medium
Social/ economic problems- Likely x moderate= Medium

So I need to put most of my energy into managing the risk of personal violence then damage to property and social/ economic problems.