Risk Decisions

Looking Ahead at Internet Trends and Your Money Opportunities

Risk Decisions

Using Critical Incident Management Techniques for Your Daily Risking Solutions that Makes Future Sense!

An Overview.

Enter the Zone.

Case Study: You, or your team have to make a risk decision. A very important decision and regardless of the route you take, major uncertainty exists. Your decisions are going to impact a lot of people. Costs are going to be high....both financial and human.

Everyone is watching, waiting and just happy they are not in your shoes right now.
The pressure is on. The speculation is high.
You cannot be wrong!
You Have to be correct on your decision, your assessment, your "call."
Sound familiar?
Any Stress?

Do you want to go into something like this blind?

Would you like a "tool" to help you during these moments?

Why the Zone?

What exactly are we talking about...the Zone?

What does major case risking have to do with everyday business and personal risk management decisions?

How can a major disaster or urgent crisis incident help you risk out important realities of your life?

Well, taking experiences from the High Profile, High Risk, Critical Incidents and translating them to your daily life is the lesson here. Learning from the Incident Command model, we have picked up on a trade secret used by many practitioners.

We call it........the zone.

Applying their techniques and skills in your risking process will serve you well in your reality.

The Zone
Quite bluntly, the blur, the whirl, the flurry of the decision making process is the workings of the Zone.

What do these Incident Command practitioners do during high stress, high pressure, high risk situations?

They take a step back.......they watch.........they listen........they pay attention to the dynamics.....they ask for the second right answer and they look at all options, prioritizing and assessing risk from every angle.

You see, there will be flurry of activity and power players whirling around the incident. The incident commander allows his experts, his people do their job. He doesn’t just commands, he leads. This is what his people are trained to do. So instead of being the power junkie, the cowboy, the incident commander remains the facilitator and visionary.

But, the incident commander is always watchful for the "power players" and their motives. These are the people who may be in the decision making process for the wrong reasons. For some of the "power players", egos are high and flexing the muscle or showboating is more important than finding the "best" resolution.

The incident commander is always assessing the "big picture" and analyzing the end costs for the decision that has to be make. This is done by stepping back from the whirl, the flurry....stepping back from the blur. Paying attention to both the little things and the big things, then integrating them all into a prioritized, adaptable, risk sensible action plan.

They call this........ their zone.


How Does This Apply To My Life?

Quite simply, don’t rush into a decision. Step back and find your Zone.

Pay attention to the indicators.

Listen...really listen to the whole story, the big picture. This is easier said than done. Especially during high stress periods....human nature being what it is...many of us seen to fall back into our old habits at the moment of choice. If your old habit is telling,  instead of listening.........you’re in trouble!

Keep thinking of the end result of the decision you are going to make. Keep asking yourself, if this goes "sideways on me", what is the worst case scenario? Can I live with that? Can I afford it?

If you have people making decisions for you....let them run, but know their limitations. That’s leadership...but, pay attention to the "power players" involved.

Ask yourself...What are their motives here? Is their action consistent with the bigger vision.

When you prioritize your options, do not just focus on "What is the right answer?"

If you focus on only one right answer, you will stop looking as soon as you find one. Instead, ask what is the second right answer?....the third, etc. Now you are able to build your options and your back up plans. As the situation unfolds and possibly goes astray, you will have planned alternative actions. This is because you didn't limit yourself to just one right answer. It's a very risky world out there and flexibility is a key requirement for survival.

Finding your Zone.    

Practice on smaller, less significant decisions today. 
Work on your discipline and develop your habits in advance. 
Do it now, build your skills before those tough moments on the horizon hit you and blur your vision.

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  Investors Often Overlook Serious Risks

Managing the Risks in Auto Insurance & Extra-Jurisdictional Driving

Many investors often overlook the serious risks that may result when traveling by automobile in certain jurisdictions due to local law. For example, an investor may have terrific auto insurance (both first and third party) in their home jurisdiction, however, that insurance may be of little or no utility in certain other jurisdictions. Also, the local jurisdiction may have certain legislated limits on your ability to advance a claim for compensation arising from an accident.

In the Canadian Provinces of Quebec and Manitoba, for instance, an innocent victim of a motor vehicle accident is denied access to the Court (the right to sue has been abolished) to claim compensation for injuries due to the negligence of an at-fault driver. These jurisdictions have pure No-Fault systems whereby an innocent victim is permitted to only receive certain prescribed benefits within defined limits.

These Pure No-Fault jurisdictions cap recovery for financial losses based on a certain percentage of net (after tax) income to a certain maximum amount.  

Therefore, if you are a high wage earner (i.e., above the prescribed maximum) or in a situation where you have been temporarily under-employed, unemployed or you have not yet reached your future earning potential and you suffer a permanent injury that disables you from future employment, you will be forever capped at a benefit amount that is based on your taxable income
in the 12 months prior to the accident. No recourse to the Court and your future benefit is forever fixed (subject only to cost of living).

These 2 jurisdictions also deny innocent victims damages for pain and suffering. Instead permanent impairment meat charts are used for the purposes of determining a prescribed benefit for a particular injury. For example, if a concert pianist loses the use of his or her hand, the pianist would be granted a benefit in the same amount as would be awarded to an unemployed criminal. These impairment benefits are only available if a permanent injury is sustained and the maximum available (for catastrophic loss, e.g. spinal cord injury) is $60,000 (US$). Thus, the loss of a hand may result in a benefit of 30% of the maximum or $18,000 (US$).

In summary, before embarking on a travel holiday, investigate the jurisdictions you may enter or cross. In the event that you suffer a serious accident in certain jurisdictions, you or your family's financial future may seriously be at risk. Risk Management is essential (even while planning holidays) and should not be overlooked.  

Charles von Ryan for FUTURECents.com

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