Welcome to the sixth 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 wanted to share some good old lessons from previous RAW conferences and brand new ideas on risk-based insurance, reputational risk and why it is not a risk and ESG and why that is the worst thing to happen to risk management since GRC.
Sam talks about the new field of risk aggregation that allows risks to be rolled up like numbers across applications into consolidated risk statements. This can be done in multiple dimensions to display the trade-offs between risks in the area of safety, financial loss, service interruption, etc.
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.
Couple of years ago I was given the responsibility for corporate, non-life insurance across a $10B group of companies. I welcomed the opportunity to combine risk-based quantitative decision making with insurance. Did it work? You be the judge, a year later the company improved the quality of coverage while reducing the cost of insurance by approximately 40%, which translated to $13M+ savings. How did we do it? Let’s find out together in a series of articles…
In this article I wanted to talk about one important aspect of insurance renewals – the relationship with the broker. So here are the 5 red flags I learned when selecting insurance brokers in US, EU, LATAM and CIS. Read the full step by step guide
Other fascinating articles this month:
From one of the world’s most highly regarded social scientists, a transformative book on the habits of mind that lead to the best predictions.
Everyone would benefit from seeing further into the future, whether buying stocks, crafting policy, launching a new product, or simply planning the week’s meals. Unfortunately people tend to be terrible forecasters. As Wharton professor Philip Tetlock showed in a landmark 2005 study, even experts’ predictions are only slightly better than chance. However, an important and underreported conclusion of that study was that some experts do have real foresight, and Tetlock has spent the past decade trying to figure out why. What makes some people so good? And can this talent be taught?
In Superforecasting, Tetlock and coauthor Dan Gardner offer a masterwork on prediction, drawing on decades of research and the results of a massive, government-funded forecasting tournament. The Good Judgment Project involves tens of thousands of ordinary people – including a Brooklyn filmmaker, a retired pipe installer, and a former ballroom dancer – who set out to forecast global events. Some of the volunteers have turned out to be astonishingly good. They’ve beaten other benchmarks, competitors, and prediction markets. They’ve even beaten the collective judgment of intelligence analysts with access to classified information. They are “superforecasters”.
In this groundbreaking and accessible book, Tetlock and Gardner show us how we can learn from this elite group. Superforecasting offers the first demonstrably effective way to improve our ability to predict the future – whether in business, finance, politics, international affairs, or daily life – and is destined to become a modern classic.
Huge RAW2022 has been announced and you can now register at the early bird prices until 30 June 2022. Don’t miss this opportunity to save $250. RISK AWARENESS WEEK is the biggest global online platform to learn risk management and decision making. Amazing lineup of international speakers share practical case studies on integrating risk management into corporate decision making, planning, budgeting, project management and risk-adjusted performance management. Our aim is to bring together best quantitative risk management practices in a easy to understand and practical fashion for a fraction of the price.
Free tickets are also available https://2022.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. Program is being updated every day.
What’s next? What would you like to see in the next months newsletter?