How can you identify crisis risks in your Emergency Management plan?

2 Prioritize crisis risks

The next step to identify crisis risks is to prioritize them according to their urgency and importance. You need to evaluate the severity and probability of each crisis risk and rank them accordingly. You can use a simple formula to calculate the risk score of each crisis event:

Risk score = Severity x Probability

Severity refers to the extent of damage or harm that a crisis event could cause to your organization and its stakeholders. It can be measured by the financial, operational, reputational, or human costs of a crisis. Probability refers to the likelihood of a crisis event occurring within a given time frame. It can be estimated by the frequency, history, or trends of a crisis.

You can use a risk matrix to visualize and compare the risk scores of different crisis events. A risk matrix is a grid that divides the crisis risks into four categories based on their severity and probability: low, moderate, high, and extreme. You can use different colors or symbols to indicate the level of risk. For example, green for low risk, yellow for moderate risk, orange for high risk, and red for extreme risk.

The risk matrix can help you to prioritize the crisis risks that require the most attention and resources. You should focus on the crisis events that have high or extreme risk scores, as they pose the greatest threat to your organization. You should also monitor the crisis events that have moderate or low risk scores, as they could escalate or change over time.

3 Mitigate crisis risks

The final step to identify crisis risks is to mitigate them by developing and implementing effective strategies and actions. You should consider the objectives and outcomes you want to achieve or avoid in a crisis situation, the resources and capabilities you have or need to manage and resolve it, the roles and responsibilities of your team and stakeholders, the communication and coordination mechanisms, as well as the contingency and backup plans. To achieve this, you can use various techniques and frameworks such as SMART goals, RACI matrix, crisis communication plan, or business continuity plan. The goal is to reduce the likelihood and impact of a crisis event or increase your organization's preparedness and resilience to cope with it. Identifying crisis risks is essential for your emergency management plan. It can help you anticipate, prevent, or respond to potential crises that could affect your organization. By assessing, prioritizing, and mitigating risks, you can improve your organization's performance, reputation, and sustainability in a volatile world.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?