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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Alex has created a short bootcamp designed to help companies implement quantitative risk management. Imagine saving the company so much money that investing in risk management competencies and resources becomes a no brainer for the executives. That's exactly what Alex Sidorenko did at a global $10B chemical company and he has been kind enough to share his top tips and lessons learned with you each week. Sign up now!

#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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  • The Only Valid Excuse for not Quantifying Uncertainty
    by Sam L. Savage ““It is difficult to get a man to understand something, when his salary depends on his not understanding it” ” — Upton Sinclair According to my new best friend and advisor, Ch [...]
  • ChatGPT Waxes Poetic on the Flaw of Averages and Metalog Distribution
    When I was a PhD student in computer science, I remember opening a book on recursive function theory. In the introduction it stated that a mathematical equation that I found inscrutable was obvious. I [...]
  • Merry Chancemas
      2022 Ushered in the Chance Age I published Chancification: How to Fix the Flaw of Averages We held our summit on Chance-Informed Readiness in Monterey Alex Sidorenko and I started our Chance Talk [...]
  • Join the Chance Age with Our Latest Tools
    by Sam L. Savage ““We shape our tools and thereafter our tools shape us” ” — John Culkin I knew my world had changed in August of 2012 when I discovered that the Data Table function in Excel h [...]
  • The Marketing Funnel Fallacy
    by Dr. Sam L. Savage The Funnel My colleagues Bridget Cash, Matthew Raphaelson, and I have recently been examining Chance-Informed marketing decisions. It is common to view the transition of a potenti [...]

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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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  • When Compliance is wrong
    As I said in my last post, I recently had the privilege of hanging out with a bunch of smart people: internal auditors. They work for an organization with manufacturing facilities all over the world, [...]
  • Wasting money with audit reports
    This week, I had the privilege and pleasure of spending time with a number of smart and curious professionals who are dedicated to adding value to their organization. I am talking about internal audit [...]
  • Internal Audit and ESG: My Opinion
    I have seen several articles and blog posts lamenting the apparent fact that internal audit teams are not spending a large percentage of their audit plan addressing ESG risks. CIO.com defines ESG as: [...]
  • When the IS auditor identifies a lack of segregation of duties
    Chinmay Kulkarni has asked people on LinkedIn a question that appears to be from the ISACA Certified Information Systems Auditor (CISA) exam. He posted (I have included the current poll results, with [...]
  • The risk is assessed as high. So what?
    While there may be a debate whether risk should be assessed using qualitative or quantitative measures, I believe that is answering the wrong question. Knowing what the level of risk is, even whether [...]

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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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  • Case study: Comparing bidders’ construction schedules
    This short case study describes a simple, straightforward analysis of uncertainty in the proposed schedules for a port expansion submitted by bidders tendering for the work. It goes on to explain how [...]
  • Identifying failure modes in an oil refinery process unit
    Alkylation increases the high-octane outputs of an oil refinery to enhance the value of gasoline products. Alkylation reactions are catalysed by strong acids, hydrofluoric acid (HF) in this case. The [...]
  • Embedding risk management at the top
    The purpose of risk management is to create and protect value by helping us achieve better business outcomes. It should be part of our day-to-day activities. When it is integrated closely into the way [...]
  • Adapting governance for complex projects
    Sound governance is a critical component of reliable project success. As complexity is becoming an increasingly prominent feature of project selection and implementation, it is useful to pay attention [...]
  • Managing uncertainty in a wastewater project
    This case study concerns a sewerage upgrade project in its pre-feasibility phase. It outlines a simple qualitative risk assessment for the project, the development of treatment actions, and an initial [...]

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Controversial thoughts about modern day risk management in non-financial companies, training and consulting services right here at https://riskacademy.blog/

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