What is Risk Management and why is it so important?

In XR a 'Risk' is the chance of a negative occurrence happening that could damange or threaten the existence of XRUK.

Thinking about risks, then taking the appropriate steps, reduces their likelihood and/or impact. It provides time and space to understand a risk and to plan how to address it should it happen. It also helps to raise awareness of serious and common risks that may exist across XRUK circles. It is NOT about stopping all activities or actions which carry risk.

Risk Management is a set of techniques available for circles to flush out, prioritise, and plan for threats in achieving its mandate. It helps you prepare for the unexpected and to sleep at night. Risks that are not identified tend to fester, get worse over time and become harder to manage.

Some circles within XRUK are more critical to the continued existence or purpose of XRUK than others. Good risk management is especially important for these circles.

The most critical circles will be encouraged (by the Risk circle) to record and assess their risks, then share them with the Risk circle so that risks important to XRUK can be understood and addressed.