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More than a Living Blog: Dear Newbie – Risk Management Rules for your Budding Career

More than a Living Blog: Dear Newbie – Risk Management Rules for your Budding Career

by Toby Lucich on March 9, 2007

Inherent in every conversation I’ve every had about change – aging, career shifts, marriage, parenting, promotions – is a greater or lesser concern over the risks that come with something new. Ah, FUD. It’s not that we don’t want to change and grow, just that it comes with so much fear, uncertainty and doubt.

Since “Buck up Little Camper, It will work itself out!” seems trite, I thought I’d share this instead. I came across this great list originally from RiskMetrics Group, and thought, “Isn’t this of interest for all considerations of risk?” (Obviously, my answer was yes.)

  • There is no return without risk. Rewards go to those who take risks.
  • Be transparent. Risk should be fully understood.
  • Seek experience. Risk is measured and managed by people, not mathematical models.
  • Know what you don’t know. Question the assumptions you make.
  • Communicate. Risk should be discussed openly.
  • Diversify. Multiple risks will produce more consistent rewards.
  • Show discipline. A consistent and rigorous approach will beat a constantly changing strategy.
  • Use common sense. It is better to be approximately right, than to be precisely wrong.
  • Return is only half the equation. Decisions should be made only by considering the risk and return of possibilities.

More than a Living Blog: Dear Newbie – Risk Management Rules for your Budding Career

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