Episode #12 Risk Management – A Military Perspective with ORO Tactical
Show Description: Today, I talk with Park McCumber, the CEO and founder of ORO Tactical. He was trained as a forward observer and has been stationed in Korea, Germany and more. Since his service, this man, both a Vet and active part of the guard, has started his own company, ORO Tactical, and actively uses military risk management techniques both personally and professionally. Park also gives, in the shownotes, and exclusive discount for listeners of FinancialGinger
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Bio: After Graduating from High School in Sandy, Utah, Parker Joined the Army and served as a Fire Support Specialist in the 2nd cavalry regiment and as a Forward Observer in the 1st Cavalry division. He deployed to Kandahar Afghanistan in 2013 and is currently a Targeting NCO with the 65th Fires Brigade in the Utah National Guard. Parker is a Business Student at Utah Valley University, and the owner/operator of ORO Tactical.
The five steps of risk management
- Identify Hazards and Risks
- Assess Risk
- Develop Controls / Preventative measures
- Implement Controls
- Monitor Risk and Controls for effectiveness
- 2:20 – Risk Management Applications
- 3:00 – Hazards and Risks, It’s Everyone’s Job to Identify
- 4:40 – Assessing Process
- 5:05 – Exposure of Risk – Things To Consider In A Risk Factor
- 5:35 – Examples of Improper Risk Assessment – Brexit and Greece
- 6:48 – Severity and Probability
- 7:20 – Insurances Roles in Risk Management
- 8:35 – Develop Controls – What You Do About Risks
- 8:45 – Brain Storm Session Both Corporate and Private
- 10:33 – Don’t Be Afraid of Outside Voices
- 12:00 – Implement Your Controls – How
- 13:20 – If you don’t implement it, who cares that you solved the problem
- 14:27 – Supervise and Evaluate – It’s Everyone’s Job
- 14:45 – Get Feedback From Others and Yourself – Adjust
- 16:20 – Role of Accountability Partners
- 18:50 – The Risk Management Process Can Be Quick
- 19:25 – Don’t Take Unnecessary Risks
- 20:20 – When to Take Risks
- 20:50 – How To Empower Leaders To Make Decisions About Risk – Small Business, Family, and Personal Applications
- 21:42 – Empowering Yourself
- 22:10 – When You Don’t Know
- 23:15 – Expect A lot – Get A lot
- 24:56 – Risk Management When Finding A Job, Hiring Employees, or Getting a Business Partner
- 26:11 – How To Use Risk Management In All Areas Of Life In A Positive Way
“If You’ve Taken Proper Risk Management Steps, Don’t Be Afraid To Take Necessary Risk”
9:35 – Get Renters Insurance If You Rent!
When you’re making a major choice, actively decide to get an outside and unbiased voice to share their thought on your choices, it helps you see a little clearer.
Stop being afraid of people saying you suck. When someone gives feedback, usually it comes with a specific way you can improve.
Next time you get stuck on something, business or personal life, ask for help. I.E. find a professional, ask a friend who has skill, get a lawyer, find an investment expert, see a therapist, etc.
While listening, you must have had an “I know I should be doing this” moment, apply the 5 step process and get that thing happening. If you need support, tweet to me @FinancialGinger or on the FinancialGinger facebook group!
Contacts and Links from the Show
Justin Taylor – Interview
7 twelve portfolio – Craig Israelson
Email Oro – [email protected]
$10 off any purchase of Military-style stickers or vinyl wrap from ORO Tactical with Code – “GINGER”