RAW2020 is less than a month away and I wanted to share something valuable with you. During the conference you will hear many of the speakers talk about Risk Management 2 (RM2), decision science, decision quality, probability theory and other terms unfamiliar to many risk practitioners or business decision makers. These 3 things will help… Continue reading Recommended pre-reading for the RAW2020 conference
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RAW2020: The Cat Insurance Puzzle: Why People insure their Cellphone but not their Home
The cat insurance puzzle refers to the low or missing demand for high-severity-low-probability events, which is surprising given the high demand for low-value insurance products such as cell phone insurance policies. While the loss of a cellphone is usually an event of no or low consequence, the loss of a home to a family or… Continue reading RAW2020: The Cat Insurance Puzzle: Why People insure their Cellphone but not their Home
RAW2020: The Failure of Risk Management
https://2020.riskawarenessweek.com/talks/the-failure-of-risk-management/ Choices to make for your company or organization can seem overwhelming at times and the answers to hard questions may seem impossible to find. Whether your uncertain decisions are in a small company assessing a critical market opportunity, a Fortune 100 company implementing an enterprise-wide process to prioritize an entire portfolio of projects, or… Continue reading RAW2020: The Failure of Risk Management
RAW2020: Making decisions unburdened by ‘risk management’ myths
https://2020.riskawarenessweek.com/talks/risk-management-myths/ Grant Purdy and Roger Estall During long careers we have often been engaged to investigate decisions that have gone spectacularly wrong or resulted in other than the intended outcomes. This has helped us develop an objective appreciation of what ‘good’ decision-making looks like and therefore, what characterizes a ‘good’ decision. This workshop will describe… Continue reading RAW2020: Making decisions unburdened by ‘risk management’ myths
Your kids are not taught risk management at school, you have to do it
I wanted to start with some typical math problems in school: Two cars started from the same point, at 5 am, travelling in opposite directions at 40 and 50 mph respectively. At what time will they be 450 miles apart? At 9 am a car (A) began a journey from a point, travelling at 40 mph. At… Continue reading Your kids are not taught risk management at school, you have to do it
Why risk community rejects science, logic and common sense
First, I wanted to share an extract from the book I am reading at the moment Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life The chapter is called “I Know It Works in Practice, but Does It Work in Theory? On John Harrison, Semmelweis and the Electronic Cigarette”… Continue reading Why risk community rejects science, logic and common sense
3 steps to apply Monte-Carlo simulations to any investment project decision
Risk management 2 shouldn’t be difficult. So I started on a quest to come up with a simple methodology for quantitative risk analysis that will actually improve decision making. This is still work in progress, so any comments and suggestions please send them to me or write below the article. Also don’t forget, RAW2020 is… Continue reading 3 steps to apply Monte-Carlo simulations to any investment project decision
5 reasons why internal auditors need to attend #RAW2020
Risk Management Awareness Week from 12 to 16 October 2020 is a perfect place for internal auditors to learn. Risk Awareness Week RAW2020 brings some of the leading risk management researchers and practitioners to your computer or mobile phone. It is designed to raise awareness about risk management application in planning, forecasting, budgeting, construction, investments… Continue reading 5 reasons why internal auditors need to attend #RAW2020
Share your risk management story and win a free VIP pass to #RAW2020
Share your risk management story in the comments below and get a chance to win a free VIP pass to #RAW2020 (valued at $100): https://2020.riskawarenessweek.com/ RAW2020 is dedicated to sharing and raising awareness. Help new risk managers, share your story. Tell us: how did you get into risk management? what are the 3 things you… Continue reading Share your risk management story and win a free VIP pass to #RAW2020
RAW2020: Leading in a VUCA World: What You Need to Succeed – Dr. Karen Hardy
https://2020.riskawarenessweek.com/talks/leading-in-a-vuca-world-what-you-need-to-succeed/ There is a new skillset that will be needed by risk professionals in order to succeed in the post-COVID environment: known as the VUCA World! Organizations will be looking to risk professionals to deliver higher value that will go beyond the typical technical expertise of developing risk registers. Discover the missing skill a d… Continue reading RAW2020: Leading in a VUCA World: What You Need to Succeed – Dr. Karen Hardy
