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Risk Management Bulletin

5 Time Management Tips for Risk Managers

By January 6, 2015No Comments

Mention a business’ resources, and the focus inevitably falls to money; but time is also a resource, and unlike money, you can’t “earn” more of it. Risk manager who learn to manage their time as wisely as possible can maximize the results they achieve, both in predicting and managing risk, and ins recognizing and seizing opportunities. As part of your New Year initiative, try incorporating a few of these time management strategies into your routine and see how they affect your overall performance and results:


  • Learn how to allocate your time. Jot down estimates of how much time a task should take and then try to stick with those general guidelines. Don’t get hung up on small details that can cause other responsibilities to derail.


  • Work on your ability to focus on one task at a time. A few years ago, it was all about multitasking; but then, several studies emerged demonstrating that multitasking can actually decrease efficiency. A better approach: Dedicate blocks of time to a single task and focus only on that task during that time period. You don’t have to complete tasks – just make progress. Set aside more blocks until the task is complete.


  • Understand how to achieve balance. Make sure to spend as much time relaxing as you do working to avoid burnout and ensure peak efficiency while on the job. It’s also a good way to release stress so you enjoy better workplace relationships overall.


  • Know the 80-20 rule. There’s a well-known principle that says 80 percent of results or outputs come from 20 percent of actions or inputs. Identify which tasks are most important – for instance, the 20 percent of activities that result in the most risks to your company – and spend most of your time addressing those before moving on to tasks with less of a potential impact.


  • Learn how to delegate. This is one of the most difficult skills to learn for many people, but it’s also the one that can yield the biggest rewards. Set goals and make sure the person understands what they are, and check in frequently to make sure the task is on target. It also helps if you can identify the strengths of different employees and assign tasks accordingly.