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
Many risk managers are reluctant to have a conversation with executives about the need to better integrate into decision making and the need to talk and think about risks systematically every day. Changing the methodology, reporting format and tools? Forget about it. Even just talking and asking for a great role in decision making gives… Continue reading 100. Are risk managers scared to take risks?
My friend, Norman Marks, has been talking about rebranding risk management for years. Norman calls for risk professionals to focus on enabling success rather than avoiding failure. I think this is brillian advice. A way to communicate risk management insights to executives and the Board is to talk about the likelihood of success. Well, the… Continue reading Forget about risk management. Measure the likelihood of success instead. #ChangingRisk
Alex Sidorenko from RISK-ACADEMY talks about the 7 books that influenced his risk management career: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto) – August 23, 2005 by Nassim Nicholas Taleb https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219/ Thinking, Fast and Slow – April 2, 2013 by Daniel Kahneman https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555/ Decision Quality: Value Creation… Continue reading 18. My favourite risk management books – Alex Sidorenko
RISK-ACADEMY has developed a new risk management course designed for internal and external auditors. The course is based on ISO 31000:2009 as well as the latest research published by global risk management experts (Douglas Hubbard, Gerd Gigerenzer, Daniel Kahneman, Norman Marks, Alex Dali) and institutes (G31000, Institute of strategic risk analysis in decision making, British Institute of Risk Management) and RISK-ACADEMY’s own studies.
The course structure and material differ significantly from the traditional approach proposed by the Institute of Internal Auditors.
Great article by Norman Marks on the topic of risk governance. I’ve been talking about this for years, here is my video on board reporting and hence oversight https://youtu.be/8zrR8U0fpEA
Excellent blog post from Norman Marks
Great summary from Norman Marks
The recording of our debate on ISO/FDIS 31000 vs COSO ERM 2017 with Norman Marks, Tim Leech and Carole Switzer is now available on OCEG website: https://go.oceg.org/iso-31000-2018-versus-coso-2017-for-enterprise-risk-management-the-great-debate-1 Don’t miss it! Write what were your key takeaways in the comments below. In case you had a question that we didn’t have the time to answer, write it as well.
Many risk managers are reluctant to have a conversation with executives about the need to better integrate into decision making and the need to talk and think about risks systematically every day. Changing the methodology, reporting format and tools? Forget about it. Even just talking and asking for a great role in decision making gives them… Continue reading Are risk managers too scared to take risks?