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 Swan, Fooled 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)
Latest RSS feed:
- [Twitter] Benefits and Risks of Exercise Intensity: Insights from Nassim Taleb
Nassim Taleb discusses how varying amounts and intensities of exercise impact health. The post [Twitter] Benefits and Risks of Exercise Intensity: Insights from Nassim Taleb appeared first on Nassim T [...] - [Twitter] Nassim Nicholas Taleb Announces New Book: ‘The Lydian Stone’ for 2025
Nassim Nicholas Taleb teases his upcoming book ‘The Lydian Stone,’ set for a 2025 release. The post [Twitter] Nassim Nicholas Taleb Announces New Book: ‘The Lydian Stone’ for 2025 appeared fir [...] - [Twitter] Nassim Taleb announces female scholarships open for virtual #RWRI 19 (Real World Risk Workshop) 2024
“Friends, we have female scholarships (up to 99.999999999%) open for this summer’s virtual #RWRI 19…” Taleb tweeted. The post [Twitter] Nassim Taleb announces female scholarships open for virt [...] - [Twitter] Mega 3-hour podcast episode on Nassim Nicholas Taleb’s The Black Swan
The post [Twitter] Mega 3-hour podcast episode on Nassim Nicholas Taleb’s The Black Swan appeared first on Nassim Taleb. - [YouTube] MINI LECTURE 18 (MORE TECHNICAL): How to build a positive definite correlation matrix for Monte Carlo Simulations for a set dimensionality
How to build by tinkering with a positive definite correlation matrix for Monte Carlo simulations for a given dimensionality. The post [YouTube] MINI LECTURE 18 (MORE TECHNICAL): How to build a positi [...]
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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
Latest RSS feed:
- What are the Chances of Finding Gold While Saving Our Grid?
Powering Tomorrow: Why Our Grid Needs Chance-Informed Decision-Making By Dr. Sam Savage, Executive Director and Daniel Krashin, Chair of Renewable Energy Applications ProbabilityManagement.org What [...] - FAIR Meets SIPmath
By Sam L. Savage John Button of Gartner, Eng-wee Yeo of Kaiser Permanente, and I have published a three-part blog series at the FAIR Institute : Part 1 , Part 2 , Part 3 . We were inspired by Eng-weeâ [...] - The Three Râs of The Chance Age
Recognize, Reduce, Respond By Dr. Sam L. Savage Just as Readinâ, âRitinâ, and âRithmetic were the pillars of public education, as encouraged in the United States in the early 1800âs, the Cha [...] - In Memory of Harry Markowitz
By Dr. Sam L. Savage August 24, 1927 - June 22, 2023 Â It is with deep sadness that I announce the passing of Harry Markowitz, Nobel Laureate in Economics, father of Modern Portfolio Theory, and co-f [...] - When You Donât Know What You Donât 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 [...]
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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/
Latest RSS feed:
- Revolutionizing Agricultural Productivity: Project Prioritization in Crop Science
Client: A Global Leader in Agricultural Sciences Industry: Crop Science Objective: To forecast and prioritize new corn varieties to maximize future product success. Executive Summary Our client, a tra [...] - Strengthening Financial Fortresses: Transformative Cybersecurity Workshops in Banking
Client: An Established Midwestern Financial Institution Industry: Banking Objective: To develop the bankâs cybersecurity framework through in-depth workshops, empowering internal teams to manage and [...] - Revolutionizing Risk Management in the Insurance Sector Through Cybersecurity Assessment
Client: A Global Leader in the Insurance Marketplace Industry: Insurance Objective: To enhance cybersecurity risk management by developing a comprehensive risk and control model tailored for the insur [...] - Optimizing IT Infrastructure for Enhanced Banking Performance
Client: A Leading Silicon Valley-Based Financial Institution Industry: Banking Objective: To conduct a cost-benefit analysis for consolidating data center operations, which involves advanced Monte Car [...] - Optimizing Prices for Project Bids
Summary: By measuring how their experts price projects and price elasticity, HDR was able to build our client a pricing model that tripled their operating income. A few years ago, a medium-sized manuf [...]
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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
Latest RSS feed:
- Why your probability tribe matters
How we think about probability affects how we practice probability Photo by Guillaume Didelet on Unsplash In my article The Two Schools of Probability, I argue that despite all the squabbling, there [...] - Dataâs dangerous dogmas
The dogmas of data science are harmless for data-led companies whose value mechanisms are a by-product of their data. But companies whose data are a by-product of their value mechanisms need a more fl [...] - 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 Raphaelâs The School of Athens, 1509â1511, fresco at the Raphael Rooms, Apostolic Palace, Vatican City. Wikimedia Commons. The [...]
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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
Latest RSS feed:
- Itâs Time to Ditch the Annual Audit Plan
So says Hal Garyn in his latest article for Internal Audit 3600. I agree. Both Richard Chambers and I have been preaching that we should âaudit at the speed of riskâ, as well as at the speed of th [...] - Normanâs list of top (downside) risks
Everybody seems to be sharing their list of top risks with potentially significant negative effects on the organization. Of course, every organization should determine what are its greatest sources of [...] - A risk âquantâ speaks out against qualitative risk assessments, and explains very useful tools
I am privileged to call Alexei Sidorenko âfriendâ. I first met him when he invited me to come to Moscow and speak at a risk management conference he organized, He is an experienced and insightful [...] - Are you an effective leader?
One of my tests of a leader, perhaps the most important, is whether people are willing (if not eager) to follow them. Being the titular head with staff reporting to you doesnât make you a leader. It [...] - A good kind of lazy auditor
My congratulations to David Dufek for his recent article for the IIAâs Internal Auditor magazine, Building a Better Auditor:Â Be Lazier. He makes several excellent points, but misses one: it can tak [...]
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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/
Latest RSS feed:
- Where we have worked
We are sometimes asked if we are really an international company. Here is a quick summary: we have worked on the ground in 41 countries; we have worked with companies and on projects located in 56 cou [...] - Dr Dale Cooper honoured to receive the Risk Engineer Achievement Award 2023
Dr Dale Cooper was honoured to receive the Risk Engineer Achievement Award 2023, presented at the biennial Risk Engineering Society Conference, RISK 2023, held in Brisbane on 7-8 September 2023. In ac [...] - Quantitative risk analysis and project governance: Risk Engineering Society Conference, RISK 2023
Dr Dale Cooper spoke at the Risk Engineering Society Conference, RISK 2023, held in Brisbane Meanjin on 7-8 September 2023. His presentation summarised the role of quantitative analysis of uncertainty [...] - Dr Dale Cooper nominated for Risk Engineer Achievement Award 2023
Dr Dale Cooper is honoured to be nominated for an Engineers Australia People Award, in the category Risk Engineer Achievement Award. The award will be presented to the successful finalist at the bienn [...] - 2nd edition of Dr David Hillsonâs âThe Risk Management Handbookâ published
Dr Dale Cooper contributed Chapter 8, 'Project, Programme and Portfolio Risk Management' to the second edition of 'The Risk Management Handbook', edited by our friend and collabora [...]
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#8 RISK-ACADEMY
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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- Risk managers, AI will replace you, if you donâtâ¦
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⦠Continue readin [...] - 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⦠Continue reading Quant models overthr [...] - 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 thereâs a⦠[...] - 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⦠Continue reading T [...] - 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 ma [...]
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Check out other risk management books
RISK-ACADEMY offers online courses
Informed Risk Taking
Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!
ISO31000 Integrating Risk Management
Alex Sidorenko, known for his risk management blog http://www.riskacademy.blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.
Advanced Risk Governance
This course gives guidance, motivation, critical information, and practical case studies to move beyond traditional risk governance, helping ensure risk management is not a stand-alone process but a change driver for business.