RAW#5 Controversial thoughts about modern day risk management in non-financial companies

Welcome to the fifth installment of the RISK AWARENESS monthly newsletter. Please show your support for the victims of the war by watching the charity risk management workshop replays and donating https://charity.riskawarenessweek.com.

In this newsletter I continue to share career changing and controversial videos from RAW, practical steps on implementing risk-based decision making, another important article on risk management and one of my favorite books on RM2.

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John Hollmann recorded this video for RAW2019 talking about reliable and quantitative capital project cost and schedule risk analysis. This is a must watch for anyone disappointed in PMI approach to risk management and wants to move to better risk based project planning.

You can now watch the best risk management workshops from RAW grouped by theme https://riskacademy.vonza.com/, there is a special section for all project management related workshops. Subscribe to RISK-ACADEMY youtube channel for more videos and workshops.

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It is important to make sure roles and responsibilities reflect risk-based decision making. Practical steps could include:

  • Update existing position descriptions to include responsibility for risk-based decision making, planning and performance management
  • Update existing committee charters to include responsibility for risk-based decision making, planning and performance management. Most staff do not have risk management training and unable to adequately consider uncertainty when making decisions
  • Provide risk-based thinking training to decision makers. I have numerous courses for that online and offline at the https://riskacademy.blog.
  • Include risk management competencies into existing business training programs. Over the years I have discovered that it is actually much better to make every training course that HR department runs a little bit risk-based than do a standalone big risk training.

I recommend reading good books that had all the answers for the last 10+ years.

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Risk Analysis: A Quantitative Guide 2nd Edition

Risk Analysis A Quantitative Guide Risk and uncertainty are key features of most business and government problems and need to be understood for rational decisions to be made. This book concerns itself with the quantification of risk, the modelling of identified risks and how to make decisions from those models. Following on from the success of the previous edition of this clearly written and highly regarded book, this edition is extensively revised and updated and will provide an invaluable practical guide for beginners and experienced practitioners alike.

Quantitative risk analysis (QRA) using Monte Carlo simulation offers a powerful and precise method for dealing with the uncertainty and variability of a problem. By providing the building blocks the author guides the reader through the necessary steps to produce an accurate risk analysis model and offers general and specific techniques to cope with most modelling problems. A wide range of solved problems is used to illustrate these techniques and how they can be used together to solve otherwise complex problems.

Buy on Amazon or find this as an audiobook or read free on Kindle Unlimited

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This special one day event is dedicated to improving risk awareness and raising money for charities supporting the victims of the war in Ukraine. We are very grateful to the amazing speakers who decided to share practical case studies on integrating risk management into decision making and quantitative risk analysis. All workshops are free to watch. Remember to donate to the charity of your choice.

FREE REGISTRATION https://charity.riskawarenessweek.com/

You can watch the workshops live or in replay on your phone, computer or tablet. More than 10000 participants watched RAW workshops over the last 3 years, don’t miss this opportunity to upgrade your risk game. The workshops will be of value to decision makers and risk professionals alike.

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You can now watch the best risk management workshops from RAW grouped by theme https://riskacademy.vonza.com/

3000+ risk practitioners have completed our online risk management and decision making courses, check them out https://www.udemy.com/user/alexsidorenko/

What’s next? What would you like to see in the next months newsletter?

Check out other decision making 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.


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