Justin Schell at #RAW2022 – Build it once and reuse it everywhere… the Uncertainty Power Plant

Frequently, risk models are created by organizations to target a narrow set of decisions. However, there is an opportunity to use these same models to power other decisions around the enterprise.

We will walk though how Highmark Health created a unique capability to measure various risks (amount of risk taken against net assets), that can be leveraged as a power plant for other decisions in the enterprise.

Illustrative examples will include:

• How many people will we need for our call centers?

• Should we move forward with a new business venture?

We believe this is the future of risk management, creating a library of risk models that can be used by anyone in the organization with centralized quality control.

https://2022.riskawarenessweek.com/talks/build-it-once-and-reuse-it-everywhere-the-uncertainty-power-plant/

I am a Risk “Mad Scientist” who used to view the world through the lens of an auditor. Through exposure to quantitative experts in fields like actuarial science & decision science, I have come to realize that I was trying to use risk governance tools as decisions tools. Not only does this not help in decision-making, it can lead organizations to make poor decisions. I have now devoted my career to relearning how decisions are made and to applying scientific methods to support leaders to make quality decisions in the face of uncertainty.

RISK-ACADEMY offers online courses

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Learn 15 practical steps on integrating risk management into decision making, business processes, organizational culture and other activities!

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Управление рисками

В этом коротком и очень увлекательном курсе, Алексей Сидоренко расскажет о причинах внедрения риск менеджмента, об особенностях принятия управленческих решений в ситуации неопределенности и изменениях в новом стандарте ИСО 31000:2018.

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