Don’t ignore expected losses In risk management there is a concept that will be useful for any business out there, it is called – EXPECTED LOSSES. This means that certain risks are inevitable and will occur no matter what. Stealing in retail, foreign exchange fluctuations or customer bad debts are all examples of losses that… Continue reading 3 steps to make your business more resilient
Category: Risk management
Are your insurance brokers costing the company too much money? Get rid of bad apples.
In 2021, risk team implemented a quantitative risk-based approach to insurance renewals which resulted in reducing the cost of insurance by 60% and improving the quality of coverage across all insurance lines. This approach allowed us to save, or rather pay a fair price for insurance across the globe. Key to success was not to… Continue reading Are your insurance brokers costing the company too much money? Get rid of bad apples.
Online game – CEO needs your risk expertise, do you have what it takes?
The team at Archer Integrated Risk Management and I have created a fun online game to test how ready you are to present risk data to the Board and support the decision being made. Imagine yourself in a position: You are just leaving for the day, the phone suddenly rings, it’s the CEO. Management is bringing… Continue reading Online game – CEO needs your risk expertise, do you have what it takes?
Understanding the risk profile is the most important step in insurance decisions, so why isn’t everyone doing it?
In 2021, risk team implemented a quantitative risk-based approach to insurance renewals which resulted in reducing the cost of insurance by 60% and improving the quality of coverage across all insurance lines. This approach allowed us to save, or rather pay a fair price for insurance across the globe. Key to success was not to… Continue reading Understanding the risk profile is the most important step in insurance decisions, so why isn’t everyone doing it?
Are you looking for a better job in risk management?
In my 16 year career in risk management I hired or helped to hire a lot of risk professionals both in Europe and Middle East. In this article I describe the competencies that I usually look for in a risk professional. The list of competencies I originally wrote about still rings true to me. So… Continue reading Are you looking for a better job in risk management?
You can quantify any risk on the planet, just follow these steps
While I written this post about compliance risks in the past, I later applied exactly the same math and logic to any non financial risk, including intellectual property, legal, environmental, ESG and most other risks you can think of. Follow this step by step guide to quantify most non financial risks or if you want… Continue reading You can quantify any risk on the planet, just follow these steps
Risk manager’s summer reading list 📚
Best risk management books grouped by theme: foundation in risk management and decision making advanced risk analysis other important books every risk manager must read FOUNDATION IN RISK MANAGEMENT AND DECISION MAKING Decision Quality: Value Creation from Better Business Decisions Add value with every decision using a simple yet powerful framework Few things… Continue reading Risk manager’s summer reading list 📚
Improving on ERM’s Imperfections by Russ Banham
RIMS: First of all, congratulations on the RIMS award. The judging committee seemed particularly impressed by the emphasis on quantitative risk analysis. Can you elaborate on the value of this approach? Sidorenko: : Thank you. Let me set the context first – the EuroChem Board is comprised of directors with extensive experience in mining, the… Continue reading Improving on ERM’s Imperfections by Russ Banham
Is your risk manager a USER or a GENERATOR? What about you?
I bet every person working in a large corporation or reading me on LinkedIn knows at least one risk manager. Maybe you like them, maybe you ignore them, but can you tell whether your risk manager friend is a “USER” or a “GENERATOR”? Sam Savage has been popularising the idea of different risk management roles… Continue reading Is your risk manager a USER or a GENERATOR? What about you?
ESG is the worst thing to happen to risk management… after GRC
Climate change is a huge issue, environmental pollution is a huge issue, social inequality and everything else typically bundled under the ESG umbrella are important issues totally deserving the management attention. This article is about something else entirely, so keep your system 1 thinking in check and carry on reading. This article is about the… Continue reading ESG is the worst thing to happen to risk management… after GRC
