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.
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.
