With the number of moving parts associated with considering organization risk, some managers might feel more comfortable laying it all out on the table, if only they knew where to start.
During her workshop “Spiderman: Using the Influence Diagram to Untangle Your Web of Risks” at the 2015 Risk Summit, Diana Del Bel Belluz, founder and president of Risk Wise Inc. in Toronto, walked through the five steps to drawing an effective influence diagram.
Pick a strategic objective. For example, an objective might be to improve patient satisfaction.
Consider risk and performance factors that directly influence the achievement of the designated objective. Patient experience, for example, factors into a patient’s satisfaction.
Identify several secondary factors that directly influence uncertainty associated with the initial performance factor. For example, patient expectations, effective care and timely care can all contribute to a patient’s experience.
Now branch out to third-order risk drivers that can impact secondary factors. With effective care, for instance, training, medical processes and quality assurance and control can be identified as third-order drivers.
* Continue building out your diagram by asking what factors influence uncertainty until all key risks are identified.
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