Risk management is often framed as a separate discipline focused on managing risks through risk registers, heat maps, risk frameworks and qualitative risk reports. This is like confusing astronomy and astrology. Risk registers, heat maps, risk frameworks and qualitative risk reports have nothing to do with risk management, let alone risk based decision making. This… Continue reading Reframing everything you know about risk management in a 1.5 hours – watch the full video from RISK-IN conference in Zurich
Author: Alex Sidorenko
100 AI strategies that will transform your risk taking skills
We’ve hit an exciting milestone with the first 100 registrations for RISK AWARENESS WEEK 2024! To me, each registration represents a commitment to advancing risk management and decision-making . And to celebrate, I have prepared 100 ideas AI can transform your company and personal decision making. That’s right. A hundred ideas. Not bs, generic AI-generated… Continue reading 100 AI strategies that will transform your risk taking skills
Never compare inherent to residual risk again
The concept of inherent risk originated in insurance where underwriters used Maximum Possible Loss (MPL) to determine the total value that could be lost in a catastrophic event. MPL considers the absolute worst-case scenario, with no controls in place, even if it’s highly unlikely to occur. The concept of considering the worst-case scenario loss has… Continue reading Never compare inherent to residual risk again
How AI is hijacking risk management jobs
Imagine you are building a world class risk management team for a non-financial company, who would you hire? In my risk management team I need a researcher, a decision analyst, a quant and a culture ambassador. The researcher I need someone to spend time scouring through reports, news articles, and regulatory updates to identify emerging… Continue reading How AI is hijacking risk management jobs
Risk managers, AI will replace you, if you don’t…
A study published in the Annals of Oncology found that a deep learning algorithm achieved a 95% accuracy rate in detecting melanoma from skin lesion images, outperforming a panel of 58 dermatologists whose average accuracy was 86.6%. In another study published in Nature, a deep learning system was able to identify breast cancer from mammograms… Continue reading Risk managers, AI will replace you, if you don’t…
Quant models overthrow traditional risk management: embrace or perish?
In my last job as a Head of operational risk and insurance, I needed a team of 3 quants to build risk models to support decisions, quantify expected losses and calculate expected shortfalls. In my current job, as Head of risk, insurance and internal audit, I can do all this with with 2 AI models,… Continue reading Quant models overthrow traditional risk management: embrace or perish?
Help unlock the power of uncertainty: Why I think Excel needs probabilistic calculations
Whether we like it or not, Excel spreadsheets are the backbone of countless businesses and organizations. They drive projections, inform decisions, and model all sorts of processes. But there’s a fundamental limitation – Excel is deterministic. Just one limitation, you say. I hear you, there are plenty of limitations, but this one is a true… Continue reading Help unlock the power of uncertainty: Why I think Excel needs probabilistic calculations
Tucker Carlson failed risk management 101
I recently tried watching Lex Fridman podcast with Tucker Carlson on Putin, Navalny, Trump, CIA, NSA, War, Politics & Freedom. I am not sure whether Tucker is IYI, corrupt or being contrarian for the sake of being contrarian at the cost of losing connect to reality but he certainly failed risk management 101. Normally, I… Continue reading Tucker Carlson failed risk management 101
How quantitative risk analysis can transform insurance buying and other business decisions
Alex Sidorenko, group head of risk, insurance and internal audit at Serra Verde Group, shares why technological advances mean that every CRO can tackle quantitative risk analysis to improve threat management and insurance buying Alex Sidorenko, group head of risk, insurance and internal audit at Serra Verde Group, is speaking at the Risk-!n conference on May 30-31 in… Continue reading How quantitative risk analysis can transform insurance buying and other business decisions
Risk Parenting 101: 7 key principles to teach your kids about risk
In my world, predictability and certainty are myths. Challenging assumptions, no matter how fundamental, is my life motto. But how do I explain this to other people and, most importantly, my children? In this article, I attempt to share my own principles for making better decisions amid life’s chaos. These ideas are not just about… Continue reading Risk Parenting 101: 7 key principles to teach your kids about risk
