8 best risk management blogs

So much has been written about risk management and yet most of it is RM1. Before the year end I went on the quest to find worthwhile RM2 blogs moving the risk profession within the non-financial sector forward.

#1 Nassim Taleb

Nassim Taleb is an author of the INCERTO a philosophical and practical essay on uncertainty (Skin In the Game, Antifragile , The Black SwanFooled by Randomness, and The Bed of Procrustes), a (so far) 5-volume“investigation of opacity, luck, uncertainty, probability, human error, risk,and decision making when we don’t understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientific discussions in nonoverlapping volumes that can be accessed in any order.”

Nassim Taleb irregularly publishes articles and video posts and is worth following for anyone in the risk profession. His blogs are: https://nassimtaleb.org/ (unofficial) and https://nntaleb.medium.com/ (official)

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#2 Sam Savage

Dr. Sam L. Savage is Executive Director of Probability Management.org, a 501(c)(3) nonprofit devoted to making uncertainty actionable. Dr. Savage is author of The Flaw of Averages: Why We Underestimate Risk in the Face of Uncertainty (John Wiley & Sons, 2009, 2012). He is an Adjunct Professor in Civil and Environmental Engineering at Stanford University and a Fellow of Cambridge University’s Judge Business School. He is the inventor of the Stochastic Information Packet (SIP), an auditable data array for conveying uncertainty. Dr. Savage received his Ph.D. in computational complexity from Yale University.

Sam is a regular speaker at RAW, read his blog here: https://www.probabilitymanagement.org/blog

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  • When You Don’t Know What You Don’t Know
    By Dr. Sam L. Savage. Illustration by John Button. In the mid-1990s when Ben Ball and I began applying Markowitz Portfolio Theory to petroleum exploration (see Chapter 28 in The Flaw of Averages: Why [...]
  • The Multivariate Metalog
    By Sam L. Savage (Free webinar with Tom Keelin on the Multivariate Metalog Distribution, May 17, 2023, 8:00 AM PT) Over the years I have blogged numerous times about the Metalog quantile functions, de [...]
  • Top Gun BayesOmatic
    By Sam L. Savage In this blog I will discuss some technical details of the BayesOmatic in the Top Gun model introduced in the last blog . Those familiar with me know that I would not have called the g [...]
    TOP GUN: MAVERICK A WALK IN THE PARK OR MISSION IMPOSSIBLE? By John Button, Connor McLemore, and Sam Savage Presuming the producers maintain this pace, we can barely wait for the 2058 release, when a [...]
  • Silicon Valley Bank - The Sound of Two Hands Clapping Incoherently?
    Matthew Raphaelson, our Chair of Financial Applications, was my student at Stanford in 1991. He went on to become CFO of a multi-billion-dollar organization at which he pioneered probabilistic thinkin [...]

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#3 Doug Hubbard

Hubbard Decision Research has developed quantitative analysis solutions to Information Technology investments, military logistics, entertainment media, major policy decisions, and business operations. Customers range from small businesses to Fortune 500 companies. A range of organizations which need to measure the immeasurable and make big decisions without perfect information have been using the methods of Doug Hubbard since 1997.

Doug is a regular speaker at RAW, read his blog here: https://hubbardresearch.com/news-and-insights/

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#4 David Vose

Vose Software was founded by David Vose and Timour Koupeev, two friends who had built their careers providing quantitative risk analysis consulting to governments and businesses in a wide range of fields. David and Timour found that the risk analysis software available at the time were very limited in the capabilities they provided, making it a struggle to build risk analysis models that were compact, easy to understand and a good reflection of the problems they were trying to describe. Vose Software was created to offer a much richer choice of risk modeling tools.

David is a regular speaker at RAW and is famous for his fun and sarcastic take on his management, read his blog here http://blog.vosesoftware.com/

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#5 Graeme Keith

Stochastic ApS was launched in October 2019 as a vehicle for its founder Dr. Graeme Keith to support companies and institutions looking to make best use of their data and expertise both by incorporating practical, fit-for purpose mathematical models into their business and strategic decision-making processes, and by helping to ensure that the models and analytics they commission and utilize are fit-for-purpose and optimally deployed.

Informed by more than 20 years industrial and commercial experience, including a series of senior management positions in small, medium and multinational companies, Graeme has developed an approach to mathematical modelling that distills elements from probability theory and causal analysis, together with insights from his study of scientific methods and best modelling practice. The result is a modelling paradigm, specifically designed for tackling business and policy challenges, that is practical, insightful, fit-for-purpose and and cost effective.

Graeme is a regular speaker at RAW, read his blog here: https://www.stochastic.dk/articles

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  • ImPERTinence
    The PERT distribution is a beta distribution, stretched out, ripped up and dumped down far from home. Poor thing. No actual beta distributions were harmed in preparing this article. All drawings by t [...]
  • Black Swan. Red Herring.
    Black Swans call for a radical reappraisal of the way we model, but we are just as deluded about their significance as we are about our ability to explain and predict them. According to Nassim Nicho [...]
  • The Democratization of Mathematics
    Archimedes (but maybe Euclid) democratizing mathematics. Detail from Raphael’s The School of Athens, 1509–1511, fresco at the Raphael Rooms, Apostolic Palace, Vatican City. Wikimedia Commons. The [...]
  • Mastery of Mathematics for Accomplished Non-Mathematicians
    How high functioning in other intellectual disciplines can be an obstacle to learning mathematics In a famous and controversial public lecture in 1959, the scientist and author C. P. Snow lamented th [...]
  • The Two Schools of Probability Theory
    Photo by Nik Albert on Unsplash A layman’s look at the foundations of Frequentism and Bayesianism and how you can have the best of both. What is probability? We often hear that there are two scho [...]

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#6 Norman Marks

Norman has been a practitioner and thought leader in internal audit, risk management, and governance for a long time. He led large and small internal audit departments, been the Chief Risk Officer and Chief Compliance Officer, and managed IT security and governance functions. Norman retired in early 2013, he blogs, writes, trains, speaks and mentors individuals and organizations on risk and internal audit.

Norman is a regular speaker at RAW, read his blog here: http://normanmarks.wordpress.com

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  • What do practitioners think about the IIA’s draft update of the Standards?
    Getting the International Standards for the Professional Practice of Internal Auditing right is important, deserving of our attention and support. Leadership of the IIA and its Standards Board spent m [...]
  • Risk management failures?
    The management team at Silicon Valley Bank failed to take precautions against rising interest rates that would devalue their assets. Was that a risk management failure? I call it a management failure. [...]
  • The practitioner as movie director
    I am a huge fan of Tom Peters, and he recently said on Twitter (@tom_peters): Unequivocally my #1 leadership quote, courtesy Oscar-winning director Robert Altman: “The role of the director is to cre [...]
  • An easier way to read the draft Standards
    I found it hard to see the “big picture” of the IIA’s draft update of the Standards. It is just so long! Part of the problem is that a majority of its length is consumed by supplementary “Cons [...]
  • How does internal audit help the audit committee do its top job?
    Some facts: The primary customer of the internal audit function is the audit committee. The primary responsibility of the audit committee is oversight of financial reporting to the SEC. Few internal a [...]

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#7 Grant Purdy

Grant Purdy has specialised in the practical application of risk management to support decision making for nearly 40 years, working across a wide range of industries and in over 25 countries.

Grant has been a member of the Standards Australia and Standards New Zealand Joint Technical Committee on Risk Management for over 14 years and was its chair for seven. He is co-author of the 2004 version of AS/NZS 4360 and has authored many other risk management handbooks, guides and books. He was also the nominated expert for Australia on the Working Group that wrote ISO 31000 and Guide 73 and later Head of Delegation for Australia on ISO PC 262 that will revise ISO 31000.

Grant is a regular speaker at RAW, read Broadleafs blog and case studies here: https://broadleaf.com.au/resource-material/

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