Which brings me to the This is my scary Mom costume shirt. Thinking critically is the answer; knowing everything that traditional risk management entails and how it is planned for, invested in, executed, managed, and the results that are produced from it as well as costs driven by it, precedes knowing what gets overlooked and the consequences of those oversights. For example, traditional RM centers on a highly segmented approach with each department, not a unified system across the board, yet there’s often an individual or committee tasked with organizational.
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So, step one is where you have This is my scary Mom costume shirt: figuring out/ awareness held that traditional RM leaves key risks unchallenged; is too-limited and thus, too costly of an approach. Not to mention a lack of customization, which is necessary from industry to industry; entity to entity; and perhaps in some cases, from region to region. Step two then becomes applying that same critical thinking to the systems your familiar with and identifying why they’re doing what they’re doing and what they ought to be doing instead, and the metrics if/when a change in strategy and tactics engineered.