Following is something I learned while working in Risk Management for cybersecurity and other IT concerns. This is my generic plan for managing any risks, technical or not.

1. Identify Risk
2. Consider probability
3. Consider Impact
4. Plan for Avoidance or Reduction
5. Backup Plan

The worst time to plan is when in the middle of crisis. Risk management doesn’t have to be too formal. If you at least consider risk, you have a better chance of getting through a crisis more easily.

Following are 2 examples of risks. You live in the southern tip of Texas. Consider the risk of a blizzard using the generic steps.

1. Blizzard
2. Highly unlikely
3. Local services will likely be shut down
4. Keep some extra food and water stored in home
5. Follow government evacuation/relief plan or self-evacuate

Now, consider a persistent heat wave with extreme temperatures.

1. Heat Wave
2. Highly likely
3. Affects physical ability/health, increases probability of fire, inhibits machine operation
4. Plan for hydration/rest/shade to prevent heat casualty, plan for fire suppression, decrease use of machinery
5. Evacuate or follow local government advisories

There are more considerations for Risk Management, but this format allows for basic planning. The chief consideration is #2, the probability or likelihood of occurrence. This allows for better planning and directing resources where they are best used.

From the examples, a heat wave is likely to occur, so you will spend more time working on that risk. You are not likely to experience a blizzard, so it is less important to plan for it. You can set your order of work by the likelihood of the risk.

Tailor a full plan to your expected risks, which will likely include such items as a manual crank radio, water, food, etc.

One Student analogized this as leaving he bar late at night and deciding a route home. Since he knew one city had checkpoints for pulling folks over without cause, he avoided it on his drive home. This is a form of Risk Avoidance. 😉