When your Parachute Doesn’t Open
Do you have a plan for what to do when your parachute doesn’t open?
Well, if you do not, pay attention. Here is a 6 step checklist for what to do:
- Signal your Buddy.
- Get close with your Buddy.
- Link your arms through his/her straps.
- Open his/her chute.
- Let your Buddy steer the chute.
- Suggest that he/she look for an extra soft place to land (water).
There now. Don’t you feel safer?
You say you do not parachute jump? So what good it this?
Well, you must see that this is really good advice that can be applied to many situations. Not just parachute jumping.
1. Signal Your Buddy – this step might just be the most difficult. That is because it requires two very different things. First, you must recognize that you have a serious and potentially fatal problem. You must be able to make that decision before it is too late. So you probably need to have thought ahead to know how serious of a problem just might be terminal. Second, you have to have a buddy in sight to be signaled. If you are an individual working in risk management in a firm, you need to know in advance who is going to be your buddy in case of emergency. This applies to entire firms as well. The firm needs to know who they will go to when they might be in terminal trouble.
2. Get Close with your Buddy – Troubled times are when you find out who your real buddies are. Your fair weather friends will not be interested in getting close to you when you are in trouble. This is the real definition of a Buddy. Someone who is willing to be next you you then. You need to realize that now and decide whether you have any real buddies. If you are prarchute jumping, you need to figure that out on the ground, not in the air. If you are managing risks, perhaps you are at the wrong firm if you look around and you do not know who your buddy is. A firm with a good risk management program will more than encourage buddies, it will require them. And it will foster a culture of mutual responsibility, not everyone for themselves. It needs to be a firmwide expectation that you can count on several potential buddies when a real problem crops up.
3. Link your arms through his/her straps – for parachuting, holding on is not sufficient, the g-force that will hit when the chute opens with two people and one chute will rip you apart. Also in risk management, the committment to the Buddy needs to be very firm. All too often risk managers get blamed for inproper risk appetites, even when they had explicitly warned against the exact event that is causing the problem. Many risk managers will sorely need to have someone who will remind management that the risk manager was not the one at fault.
4. Open his/her chute. This is the key step for both the diver and the risk manager. And it needs to be said and repeated and rehearshed. The reason that the risk management might be of value to the organization is that it causes the organization to contemplate doing some things differently. When there is severe troubles, the risk manager needs to be able to clearly call for action and the organization needs to be prepared to take that action, either by directly empowering the risk manager or through a cultural committment to real action based upon risk information. The Buddy system described here might be a good way to create the possibility of quick action with some checks and balances in the event of severe threats. The empowerment to action might require the agreement of the buddy.
5. Let your Buddy steer the chute. This item on the checklist is there to acknowledge that the person who loses the chute might just be a little (or a lot) shook up and therefore might have somewhat impaired judgment. The same might be true in the event of a disaster to the firm. The buddy and the firm in general needs to look out for any actions that are of the nature of “doubling down” to recover past losses. There must be a recognition that the best thing to do now can best be determined by looking at likely futures rather than the past.
6. Suggest that he/she look for an extra soft place to land (water). The parachute will often not work exactly as planned when it carries two. So the person steering needs to be particularly diligent to look for a softer than usual place to land. So to with a risk management emergency. It might be desirable to end up in a slightly more secure position than normal minimum standards after a major problem. It will make everyone feel better. The hardest story to tell is when a firm has had a major loss but was not able to really put on the brakes so is not sure if or how much further loss will be happening. Both need to help with looking for that soft place to land.
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