https://2020.riskawarenessweek.com/talks/escalation-the-forgotten-risk/ Every project cost estimate includes some allowance for price escalation in its midst. However, few recognize escalation for the potentially devastating risk that it can be. For example, from 2005 to 2008 the price to get a process plant built increased by 50% at a time of negligible inflation. Economic cycles like these are… Continue reading Escalation: The Forgotten Risk – John Hollmann
https://2020.riskawarenessweek.com/talks/using-game-theory-to-make-better-decisions/ Many business decisions involve competitive risks or opportunities to cooperate in negotiations or partnerships. Yet traditional risk assessment methods are inadequate for understanding what decisions should be made in such situations. Game theory can help address this shortcoming. This workshop will review why and how game theory should be used to reduce uncertainty about… Continue reading Using game theory to make better decisions – Paul Papayoanou
Few things are certain in life: death, taxes and someone in the risk community asking about inherent and residual risks. In fact the question is so frequent that I even did a short video response: To most organisations inherent vs residual comparison is a way to measure potential risk mitigation effectiveness and the reduction in… Continue reading The better alternative to “inherent” and “residual” risk concepts
Ok, the title is obviously irony, because no organisation on the planet is ever “just” starting to implement risk management” or “starting from scratch”. Organisations have been making risk-based decisions since the inception. Often poorly, but that’s another point altogether. And yet, far too many job advertisements I see are looking risk specialists to build… Continue reading 5 red flags 🚩when just starting to implement risk management
Ok, the title is obviously irony. If you have seen any of my posts you will know how sceptical I am of this management fad called risk appetite. I am actually old enough to remember when consultants started pushing this concept pretending it was both new and useful. Anyway, since the concept is unlikely to… Continue reading 3 steps to set corporate risk appetite
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However, it is the foundation for the setup of the License Course that Corporate Members will buy. So, if the license course must be live and sellable, this has to be live in the background and not deleted.
Can 17 risk managers double their money in just 2 days with no luck and using only quantitative risk analysis? Find out in this short case study. The problem To test how well quantitative risk analysis performs I wanted a real life situations, where odds were known and the stakes were high. National lottery looked… Continue reading Real life application of quantitative risk analysis, an excellent case study
On Thursday 28 November 2019, risk management takes centre stage in a 24-hour global webinar conference. Showcasing new thinking in risk management, #ChangingRisk Day sets out to promote the critical role risk management plays in informing strategic decision-making. Sign up here to register for #ChangingRisk Day. Registration provides access to the whole event. Simply log in using the code provided at… Continue reading #ChangingRisk Day on Thursday 28 November 2019