Growing up, my family had a john boat that served as our trusty vehicle to the duck lease. It wasn’t just a mode of transport; it was an essential piece of our adventures. The boat was equipped with all sorts of gear meant to ensure we could handle whatever scenario came our way. Two wooden paddles, a collapsible plastic paddle tucked neatly under the seat, two batteries, an extra life vest, two gas tanks, a trolling motor, and, of course, the main outboard motor. These were the tools that my dad believed would help us overcome any challenge on the water.
This wasn’t just a list of equipment; it was a well-thought-out risk management plan. Each piece was there because my dad had encountered situations in the past—some of which were far from ideal—and had determined that certain tools were essential to avoid disaster. His approach to preparedness wasn’t born from textbook risk management, but rather from a lifetime of learning by experience. Little did I know then that my father was shaping me for a career in risk management, simply by teaching me how to prepare for and mitigate risk.
The Day the Outboard Motor Failed
One day, we found ourselves in the middle of the Trinity River, several miles from shore. The morning had been spent in pursuit of the perfect duck hunt, and as we prepared to head back to our dock, the worst possible scenario struck: the outboard motor, the very tool that was meant to bring us home, suddenly stopped working.
At first, we couldn’t figure out why. We tried turning the motor back on, but it wouldn't restart with the push button starter. The culprit was soon discovered: the propeller had become tangled in fishing line. In the world of risk management, this is the equivalent of an unforeseen event—something that’s outside your control but needs to be dealt with in order to resume operations.
With the river’s current pushing us downstream and the wind making paddling near impossible, we were facing a real crisis. The trolling motor, typically a reliable backup, wasn’t going to cut it in those conditions. The only option left was to manually restart the outboard motor using the pull cord.
Attempting the Manual Restart
My dad, ever the problem-solver, didn’t panic. He calmly reached for the pull cord, giving it a solid yank. Nothing. Another attempt. Still nothing. He tried again and again, with the wind whipping around us and the current carrying us further from shore with each passing second. After a dozen attempts, his frustration grew, but he wasn’t about to give up.
With one last mighty pull, the cord came loose from the motor, flew out of his hand, and sank into the river.
At that moment, we were in a dire situation. The boat had lost all power, and we had no way of making our way back to safety. It wasn’t just a simple breakdown; it was a cascade of failures that could have led to a very bad outcome. And yet, my dad, having been through this sort of thing before, already had a plan in place.
A Backup Plan for the Backup Plan
In true risk management fashion, my dad’s approach to mitigating risk wasn’t just about having a backup plan—it was about having a backup plan for the backup plan. We always had an extra pull cord with us. But this time, it wasn’t just any extra cord. My dad had taken the time to attach a wooden handle to the new pull cord, ensuring that it would float in case it was dropped into the water again.
It was a simple fix, but one that displayed an important principle of risk management: redundancy. The world is unpredictable, and even the best-laid plans can fail. To mitigate risk, it’s important to have not just one solution but multiple layers of solutions that will address any potential failure points.
The lesson here was clear: if one safety measure fails, you need another one in place to keep things from spiraling out of control. Whether it’s in life or business, we need to prepare for the worst while hoping for the best.
Risk Management Principles in Action
Looking back, the entire experience on that river was a perfect example of risk management in action. The key principles of risk management—preparation, redundancy, and adaptability—were all present in that situation.
- Preparation: My dad’s extensive preparation for different scenarios was the first and most critical part of the risk management process. He didn’t just rely on the outboard motor to get us home. He made sure there were paddles, a trolling motor, batteries, life vests, and extra gas tanks, all of which contributed to our ability to adapt to unexpected challenges.
- Redundancy: When the outboard motor failed, my dad didn’t just try the same solution repeatedly. He recognized that there were multiple failure points, so he carried backups for each one. The extra pull cord, complete with a floating handle, was the perfect example of having redundancy built into the system. Redundancy doesn’t just apply to physical equipment—it also extends to systems, processes, and even people. In the workplace, having backup systems or cross-trained employees can be the difference between overcoming a crisis and losing everything.
- Adaptability: When the pull cord broke, we had to quickly adapt to a new reality. My dad didn’t throw his hands up in defeat. Instead, he found a way to solve the problem and mitigate further risk by installing the extra pull cord with the wooden handle. Adaptability is a critical skill in risk management. Risks are often unforeseen, and it’s essential to be flexible and resourceful when things don’t go as planned.
Raising a Risk Manager
That day on the Trinity River, with the sun sinking lower and the river’s current pushing us further from the shore, was more than just a lesson in survival—it was a lesson in risk management. My dad didn’t just teach me how to survive in a tough situation. He taught me how to plan for uncertainty, to think ahead, and to always be prepared for the unexpected.
As a result, I grew up with an ingrained understanding of risk management. I saw firsthand how the consequences of not being prepared could be disastrous. But more importantly, I learned how to prevent these outcomes by thinking ahead, creating contingency plans, and making sure I was ready for anything life could throw at me.
That experience taught me that risk management isn’t just about dealing with problems as they arise; it’s about anticipating what could go wrong and building a system that can withstand those challenges. It’s about being prepared, having a plan B, and being able to adapt when things don’t go as expected.
As a professional in the field of risk management today, I look back at that moment on the river with gratitude. My father didn’t just raise me to handle a boat on the water—he raised me to handle life’s uncertainties with foresight, resilience, and the knowledge that preparation is the key to success.
In the world of risk management, the key takeaway is simple: expect the unexpected, prepare for it, and always have a backup plan.
