Compliance Risk Management – Risk analysis (part 5)

Step 5. Measure the effect of risks on decisions In order to account for the uncertainty both in the consequences of each scenario and its weight, consequence distributions are multiplied by weight distributions using the Monte-Carlo simulation method. Normally 10000 simulation runs should be sufficient for most compliance risks, however more simulation runs may be… Continue reading Compliance Risk Management – Risk analysis (part 5)

Mark Powell – The lost art of building risk matrices and why they should be avoided

Risk matrices have been around for decades, but most people don’t build their own anymore. In fact, Mark Powell told an audience at Risk Awareness Week 2020 that he hadn’t met anybody in 25 years who had built a risk matrix from scratch, with many outsourcing the job to consultants instead. So why does this… Continue reading Mark Powell – The lost art of building risk matrices and why they should be avoided

RAW2020: Uncertainty based capacity optimization

https://2020.riskawarenessweek.com/talks/uncertainty-based-capacity-optimization/ Most companies apply capacity planning to define when to invest in what equipment in order to be able to meet demand. For most companies, this is done using a sales plan/forecast which is then regarded as equalling the future demand based upon which a capacity profile is calculated. Uncertainty is catered for by applying… Continue reading RAW2020: Uncertainty based capacity optimization

67. What is Enterprise Risk Management (ERM)?

Alex Sidorenko from RISK-ACADEMY shares his views on what does ERM means to him and how the term has been way overused :)) At RISK-ACADEMY we have compiled free videos of lectures, seminars and interviews with Russian risk managers, as well as free templates and examples of the tools required for the implementation of elements… Continue reading 67. What is Enterprise Risk Management (ERM)?

G31000 Risk management maturity assessment

The G31000 Risk Management maturity model is designed to assist organizations on the road to embed risk management into all activities throughout the organization, including decision-making. It defines levels of maturity against which an organization can measure its current status and identify actions for continual improvement. The overall scoring system is based on a detailed questionnaire linked directly to identified sub-components for all the elements of the risk management framework and is mapped to a 3-level risk maturity scale.

G31000 Risk management maturity model

The G31000 Risk Management maturity model is designed to assist organizations on the road to embed risk management into all activities throughout the organization, including decision-making. It defines levels of maturity against which an organization can measure its current status and identify actions for continual improvement. The overall scoring system is based on a detailed questionnaire linked directly to identified sub-components for all the elements of the risk management framework and is mapped to a 3-level risk maturity scale.

Mentoring package for risk practicioners

Mentorship package for new or young risk managers, which includes express audit of your corporate risk management documentation, including policy and framework (NDA can be signed if required) and online benchmarking to test your company’s risk management maturity, alignment with ISO 31000 principles and identify any improvement opportunities

Practical ideas: Update existing policies and procedures to include elements of risk management

Most modern-day risk managers are familiar with developing a risk management framework or procedure documents. These documents capture risk management roles and responsibilities, outline risk management processes as well as other aspects of risk management.  Risk management framework documents became so common, that nowadays they don’t require much effort to develop and there are plenty… Continue reading Practical ideas: Update existing policies and procedures to include elements of risk management