RISK AWARENESS WEEK 2022

RISK AWARENESS WEEK is the biggest global online platform to learn risk management and decision making. Amazing lineup of international speakers share practical case studies on integrating risk management into corporate decision making, planning, budgeting, project management and risk-adjusted performance management. Our aim is to bring together best quantitative risk management practices in a easy to understand… Continue reading RISK AWARENESS WEEK 2022

Make #RAW2022 you corporate risk management training. Put it in the budget for this year

Risk Awareness Week 2022 #RAW2022 will bring some of the leading risk management researchers and practitioners to your staff computers or mobile phones. It is designed to raise awareness about risk management application in planning, forecasting, budgeting, construction, investments and performance management and will significantly enhance the quality of decision making. More than 40 sessions… Continue reading Make #RAW2022 you corporate risk management training. Put it in the budget for this year

Learn from risk management success stories at #RAW2022

We recently spoke with Alex Sidorenko, who last year FERMA was named the risk manager of the year in Europe and received an honourable mention from RIMS US for the work his team did to save more than $13 million through quantitative risk analysis for insurance. Every year for the last 3 years Alex runs… Continue reading Learn from risk management success stories at #RAW2022

ESG is the worst thing to happen to risk management… after GRC

Climate change is a huge issue, environmental pollution is a huge issue, social inequality and everything else typically bundled under the ESG umbrella are important issues totally deserving the management attention. This article is about something else entirely, so keep your system 1 thinking in check and carry on reading. This article is about the… Continue reading ESG is the worst thing to happen to risk management… after GRC

RAW2021 agenda is now online, register before the early bird ends

RISK AWARENESS WEEK is the biggest online platform to learn about risk management and decision making. Amazing lineup of international speakers share practical case studies on integrating risk management into climate and environmental decision making, planning, project management and risk-adjusted performance management. No RM1 workshops, no sales pitches from brokers or insurance companies, just practical… Continue reading RAW2021 agenda is now online, register before the early bird ends

What is a risk? It’s not what you think it is

If there is one thing I learned as a CRO, it is crucial to understand the nature of each and every risk we have to work with. I will no doubt write a separate article about the mistake of aggregating various risks into a risk register or attempting to use the same methodology to quantify… Continue reading What is a risk? It’s not what you think it is

Why Board Audit Committee is the worst place for risk management and having a separate Board Risk Committee is even worse

Over the last 10 years it became almost dogmatic that risk management effectiveness has to be disclosed at the Board level. It seems to be equally accepted that full Board is responsible for risk management oversight, who, however can and often do, delegate this oversight responsibility to the Audit Committee. This is in fact so… Continue reading Why Board Audit Committee is the worst place for risk management and having a separate Board Risk Committee is even worse

Compliance Risk Management – Risk mitigation and reporting

Risk mitigation and trade-off The treatment of compliance risks refers to the corresponding strategies implemented by an organization to deal with its risks. A risk treatment plan should consider a range of treatment options, which may include legal remedies as well as financial, operational and reputational remedies for each prioritized risk. The following factors should… Continue reading Compliance Risk Management – Risk mitigation and reporting

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)

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