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How to manage risk in your personal life

How to manage risk in your personal life

Last week I had the last day of a training at work, where we got to learn a bit more about risk management. As this was a subject that was elaborately discussed during my time at university, I wasn’t paying full attention. No worries though. I thought of a way to manage risk in your personal life, as my brain was wandering off anyways. Managing risk can be helpful in order to achieve your goals or create good habits. Today, I will be explaining the basics of the concept and how you can apply this to your personal life.

I am a master in coming up with excuses

But really. One of my ongoing goals is to get fit and exercise more regularly. My favourite way to do so is by going to the gym, as I like strength workouts. However, I have made an art of coming up with any excuse not go to the gym. So, as dumb as it may sound, I will actually use going to the gym three times a week as the goal that we’re aiming for in this post.

What is a risk?

First things first, let’s start off with some definitions. Risk can be defined as the product between the chance that an event occurs and the effect of the event. The latter one can be defined in financial terms. For example: there is a risk of me not going to the gym when it’s raining outside and I do not feel like walking there. The effect is not going to the gym, which is bad for my mood and health.

Managing risks with measures

There are two types of measures to manage your risk. Preventive measure is when you’re taking a measure to prevent or decrease the likelihood of an event from occurring.

Corrective measure is when you’re taking a measure for damage control in the case the event occurs. In my case of the gym, a preventive measure is to put my gym bag in my car at all times. This way, I can go straight out of work and do not risk being demotivated while sitting on the couch at home. A corrective measure, whenever I really am not going, is to simply do a workout at home. A home workout is usually a yoga video or gymnastic bodies training sequence.

My personal risk measures

To illustrate the concept, I will share some of my personal risks to provide you with some risk management inspiration.

Risk of becoming a cranky creature instead of being my bubbly and energetic self (if I may say so).

Preventive measure: Make sure to cover all the life basics (which otherwise lead to some crank in my case) eat at given times, sleep well, meditate, and work out.

Corrective: Diagnose that the crankiness is in full action and take some alone time for (social) damage control. As with a lot of things it might be better after a good night’s rest.

Risk of eating too much snacks and be bloated the next day

Preventive measure: Buying less snacks and take small portions.

Corrective measure: Drink lots of water, sometimes with pro-biotics to help digestion.

So how do you manage your personal risks? Will you be trying to define some measures? Let us know in the comments below!

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