The immediate objective of risk management is early identification of risks and preparing risk mitigation plans towards the achievement of business objectives – from short-term and long-term standpoints. New requirements and associated risks could emanate from the regulatory or business environment, strategic business choices, or internal corporate cultural factors.
Risk Management came to the US Navy in the early 1980s, applying the “Willoughby Templates” for risk management. Mr. Willoughby was “stolen” by the Navy from NASA for his risk management expertise. He brought a culture change to the Navy from his previous position at NASA, where he preached “pre-emptive” identification of technical, schedule, and cost risks so they could be mitigated rather than taking a wait-and-see-approach.
How appropriate to the Costa Concordia case that the Navy’s risk management approach could have been applied to pre-empt this tragedy.
Lessons learned could be used in a variety of contexts. Three risk management lessons are being given in the following comments concerning the Costa Concordia.
