I couldn’t resist drawing this picture in the morning

I couldn’t resist drawing this picture in the morning. This is all you need to know about current risk management best practices, COSO ERM 2017 and ISO31000 2018.

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Yes, the new standards/frameworks and best practices are BETTER than just doing a list of risks. And if it was 2005 I would be super excited. But it’s not. In 2017 most risk managers I know use at least some form of risk modelling, decision trees, scenarios and simulations. These tools have been around since 1970s and outperform all current “best practices” by a landslide. NASA did a fun study – engineers with qualitative risk tools VS accountants with quantitative risk tools. Accountants won. Can you even imagine?

The future is not PwC’s risk and performance curve, not L x C (implied in new ISO31000), not better risk profiles, not objective-centric anything.  The future is AI. Make no mistake.

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!

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