Insights

Make informed decisions in the office and at home using risk management techniques                                                                                                                                                                                                        

Risk Management Skills Are Transferrable

I am a risk manager, and I love what I do. I work for Northern Illinois University helping stakeholders identify and manage uncertainties that threaten the institution’s well-being or inhibit its ability to grow and fulfill its mission. I am also a human being and use the risk management tools I have learned throughout the past 15 years to manage those small and large risks we face in our daily, personal lives. A wise URMIA colleague told me ERM stands for Everyone Is a Risk Manager, and it seems to me this message applies to risks everyone faces both in and out of the office. Technical skills and lessons learned through managing professional risk have transferred to personal risk management and vice versa.

Employing Risk Management Skills Personally

When my paternal aunt was diagnosed with breast cancer nine years ago, it was also discovered she carries a genetic mutation making her more susceptible to breast and other types of cancers. After the discovery, members of the family started testing for this mutation and coming up negative. One after the next - negative, negative, negative. All signs pointed to a spontaneous mutation in my aunt, but then came my turn. Spoiler alert: I tested positive. As the counselor was going over the results with me, I responded as any good risk manager would…and panicked. I am human, so I allowed myself to panic and grieve before turning my attention to faith, logic, and understanding.

Out came the technical skills I use daily within the halls of my university. When identifying and analyzing risks, I turn to the tried-and-true risk management evaluation mechanisms of likelihood and severity.

• How likely is a tornado to form over the open plains of northern Illinois? Very.
• How likely is it to hit some part of Northern Illinois University’s 700 acres? Getting more likely by the day, unfortunately.

Figure 1 is a snapshot of tornadoes and their respective locations in Illinois from 1995-2010. In 2023 alone, 121 tornadoes were reported in Illinois.¹ Figure 2 is a photograph of a tornado that was visible from the top floor of the university’s student center. This tornado was one of eleven that had taken place in Illinois in the same week. How severe could a tornado be if it struck the institution’s physical footprint? Given property values these days, a tornado totaling one building alone could be devastating - and nearly enough to wipe out one-quarter to one-half of our property limits. This is the type of analysis conducted in greater detail when my institution is evaluating risks and refreshing its emergency management plans.

Applying Tornado Risks to Breast Cancer Risks

So, what happens if I apply this same likelihood and severity logic to the personal health situation I was facing? I began to research and discovered the lifetime likelihood of breast cancer for someone with this mutation ranges from 55%-72%, depending on family history, lifestyle, health, gender at birth, and other non-modifiable factors. I also learned if diagnosed, the five-year survival rate ranges from 12%-91%, depending on the stage at the time of discovery. This type of cancer is also proven to be more likely to recur than other types, and it has a faster rate of growth. Per the analysis, there I was, and here I am, facing a rather high likelihood and medium severity risk in my daily life. I was not comfortable leaving this alone and choosing the (often justifiable) risk acceptance approach to this diagnosis. Given my circumstances and my personal risk appetite, my intention was to formulate a plan and learn about risk mitigation techniques specific to this exposure to deploy now and going forward. After all, what good comes from risk identification and analysis without factoring in mitigation?

Cue the Risk Mitigation Strategies

NIU cannot stop tornadoes from developing. It cannot control where tornadoes may occur or how devastating the destruction may be; however, we can be prepared to respond to the best of our ability. Preparedness and risk mitigation ranges from tabletop exercises and tornado drills to the procurement of good insurance. The options available to someone high-risk for breast cancer are also numerous, but any measures must be tailored to the individual. The first logical step was to establish a screening schedule as early detection for cancer is critical to increasing chances of effectively treating the disease. Certain medications were proposed to reduce the risk, but – and this is important – were not the right choice for me after weighing the pros and cons. A risk reduction surgery path was proposed, and after another lengthy, comprehensive risk assessment was determined to be an excellent option for me. Based on my health, physicality, age, and cancer-free history, the risk reduction surgeries became the executed option and (cue the celebratory music) reduced my risk of developing breast cancer by 95%. The methodical approach to conversations with physicians and factoring in all the information felt so familiar, so second nature as a risk manager.

Holistically speaking, risk mitigation goes beyond the more traditional methods of screenings, medications, and surgeries. The entirety of this personal risk is too great to ever eliminate, but there are things within my control I can do to further lower my risk of developing breast cancer or better prepare my physical well-being in the event cancer rears its ugly head. I turned my attention to increasing exercise and have become a running enthusiast. I also pay closer attention to my diet and being mindful of how the food I select impacts my overall health (though I have every intention of eating beignets – plural - at URMIA’s upcoming annual conference). And finally, I try to manage my stress levels. Let me tell you, this is by far the hardest part and worthy of an article all its own.

How Holistic Risk Management and Resilience Come into Play

I tend to appreciate the holistic risk management approach as it is similar to the theory that the whole is greater than the sum of its parts. Each piece of managing this risk carries its own weight and together forms a manageable risk. With respect to institutional storm preparedness, the parts include emergency management plans, training, insurance, meteorology, and so much more. Collectively, the likelihood risk grows with each passing year, but the severity of potential storms can be driven down in alignment with our ability to prepare and quickly respond.

As an impending storm approaches, resilience becomes a key theme of conversation in both personal and professional risk management. We can do everything within our control to prepare for, and respond to, a storm. Yet we also must consider how to move forward when something does not go as planned or when we stumble upon a roadblock. I cannot simply insure against cancer, so what else can I do? How can I look at my situation from different angles? What else can I do to meet my goal of making this a manageable risk? How can I diversify the information I have available so I am able to make the best, most informed decisions? How can I encourage myself to keep going and to keep pursuing options? I realized in the midst of my questions and internal debates I simply could not manage this risk alone.

Learning by Watching Others

My aunt was first diagnosed nine years ago and entered remission, but she experienced a recurrence a few years later. The embodiment of resilience is the ability to keep moving forward in the face of adversity. To this day, my aunt rests as she needs to rest but lives to her fullest potential. She takes vacations with her spouse and goes to see musicals with her grandchildren. She continues to pursue and try new treatments to live with cancer as an incredibly unwelcome roommate rather than something that defines her. I see her, just as I understand my children see me. Each daughter of mine is 50% me, which means each one has a 50% chance of inheriting the same gene. My goal for them is to see how I have responded and do two things:

1. Use me as a model for how they would like to respond; and
2. Learn from my mistakes and adjust accordingly.

I want the same for members of my team and for other institutions – to see how NIU prepares for and responds to massive storms and learn from us, whether good, bad, or indifferent…though hopefully good! As a community of risk managers, we commonly look to each other for guidance in terms of what was done right and what could be improved upon or tailored to our respective institutions. Learning from others and modeling behaviors is a tool that is incredibly effective in risk management both personally and professionally.

It Takes a Community

As data-driven professionals, we may lose sight of how critical soft skills are from time to time. Relationships and partnerships are at the core of success. I cannot manage my personal risk without insight and support from family and friends. I kept this to myself for far too long, fearful of being burdensome, and I did not realize how much I needed an emotional support system until I began to share the truth of my situation. I cannot perform my own surgeries or conduct screenings and need physicians and allied health professionals for those tasks. I cannot spiritually support myself and need resource groups and faith-based advisors to help me here. I cannot cover my own workload as I am recovering from surgery (try as I might!) and need a team of colleagues to lean on. As my university prepares for storms, it cannot be done without input from Emergency Management, Public Safety, Risk Management, Environmental Health and Safety, Administration and Finance, Academic Affairs, Housing, Communications, and countless others. Storm preparedness cannot happen without leadership support and active engagement across campus and the neighboring cities. Storm preparedness cannot happen without input and guidance from colleagues such as yourselves – the URMIA community.

More on the Intersection of Personal and Professional Risk Management

As we prepare for the upcoming annual conference and as we enter Breast Cancer Awareness Month, I want to bring attention to a session on this subject matter. Two colleagues from the institutional and brokerage fields will join me on a panel as we discuss further the intersections between personal and professional risk management. As part of URMIAcares, one of the organizations we are highlighting this year is local to New Orleans and focuses on fundraising efforts for breast cancer research and education: Krewe de Pink. If you can join us for the session on Tuesday, 10/1 at 1:45pm CT, we encourage attendees to WEAR PINK in recognition of Krewe de Pink and Breast Cancer Awareness Month. It takes a village to manage a storm, and I am so grateful to have incredible URMIA colleagues as part of my personal and professional village.

¹ Tornadoes in Illinois – Illinois State Climatologist

² Could immunotherapy prevent breast cancer before it starts? (fiercebiotech.com)

³Triple-Negative Breast Cancer: Survival Rates and Outlook (healthline.com)

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