In 1946, mathematicians at Los Alamos developed Monte Carlo simulation to model nuclear reactions under uncertainty. By the 1990s, sophisticated mathematical approaches to risk helped win Nobel Prizes and generate billions in financial markets. In 1998, Long-Term Capital Management (LTCM) showed us the limitations of risk models. Today? Many organizations have reduced risk management to… Continue reading How risk management turned into a meaningless ritual
Tag: risk management evolution
Forget about risk management. Measure the likelihood of success instead. #ChangingRisk
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
