The concept of inherent risk originated in insurance where underwriters used Maximum Possible Loss (MPL) to determine the total value that could be lost in a catastrophic event. MPL considers the absolute worst-case scenario, with no controls in place, even if it’s highly unlikely to occur. The concept of considering the worst-case scenario loss has… Continue reading Never compare inherent to residual risk again
Tag: qualitative risk assessment
RAW@AI – Risk Management Advisor
We are thrilled to announce the launch of RAW (Risk Academy Wisdom), a cutting-edge AI chatbot designed to help you navigate the world of risk management with ease. Created by RISK-ACADEMY, RAW has been meticulously trained on our extensive collection of blogs, guides, and Alex Sidorenko’s influential book on risk management. RAW is not just… Continue reading RAW@AI – Risk Management Advisor
5 red flags 🚩 when doing a risk assessment
Risk assessments are probably the most common activities within the risk management profession and there is a very fine line between being a total waste of time and a useful risk management approach. So what are the most common pitfalls, how to avoid them and how to turn risk assessments into a useful decision making… Continue reading 5 red flags 🚩 when doing a risk assessment
