Decision Making / 7 / 7.7

7.7 VIGILANCE AND CONTINUAL ITERATION

Risk managers must remain continually vigilant. Managers also need to routinely maintain their procedural mechanisms such as risk logs⁶ and update them whilst keeping note of what they believed worked and what did not. It must be appreciated that the risk-management process, by its design, embodies considerable experience and knowledge, and that process without in-depth knowledge is meaningless. The risk-management process should never be allowed to become like a cookbook recipe followed without understanding the significance of the ingredients or why they are blended as they were.