WATCH REPLAY: 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.

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

+ Buy now

Informed Risk Taking

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

+ Buy now

ISO31000 Integrating Risk Management

Alex Sidorenko, known for his risk management blog, has created a 25-step program to integrate risk management into decision making, core business processes and the overall culture of the organization.

+ Buy now

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.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.