The future of risk management integration into decision making and key processes. Don't miss Sam Savage and Alex Sidorenko sharing new models, tools and techniques to build future proof risk management.
Teaching application before theory, incorporating volatility into assumptions, and using Monte Carlo simulation can help in making chance-informed decisions in the new age of analytics and risk management.
00:00 🎓 Teaching application before theory is important in education, risk management models have become more accessible and dynamic, Excel files can be made stochastic and interactive, adding volatility to assumptions is crucial for project management, and Monte Carlo simulation can turn numbers into a risk analysis simulation.
10:10 🎲 Replicating Excel models helps in accepting risk analysis results, chance scal determines expected value, traditional risk management should focus on the effect of risk on decision-making, uncertainty affects various aspects of business, and CP maath brings uncertainty into Excel models.
18:05 🔍 The speaker discusses the transition to the chance age, where uncertainty is stored as data, ushering in a new intellectual era and a new idea of analytics.
23:02 🎤 Limic analytics can be used to run analytics for a lyic system, with the importance of updated commodity prices in risk models and the potential for using AI to generate sips during Risk Awareness Week in October.
31:03 📊 Using both the fair standard and the Sip MTH standard together is important for accounting and risk assessment, as performance data and risk management should be reported together, and using the concept of "sitp maath" to communicate uncertainty within an existing model is similar to Dolby noise reduction technology.
35:16 🔑 Risk managers need to consider the needs of the business when creating risk models, Aon's simulation library provides more accurate wildfire risk assessment, and chance-informed decisions can be made using arithmetical addition and choosing desired numbers in the chance age.
40:49 🎲 The speaker discusses the importance of maintaining non-negative reserves, demonstrates the concept of probability, and introduces Chance Cal as a tool for integrating standard transmission into building models.
50:35 🌟 The speaker is excited about the progress in the new age and encourages viewers to share the video and participate in the next CH talk.
Key insights
🔒 The revolution in Risk Management with new models is groundbreaking and has the potential to change the industry.
🔄 The ability to make Excel files stochastic and interactive using zp stand zp maath standard is a game-changer for risk analysis and modeling.
💡 Replicating the format and look of the original model in Excel can have a significant impact on the mentality and acceptance of the results of risk analysis.
🔮 Sips are the electricity of probability, making decisions under uncertainty actionable and instantaneous.
📊 Limic analytics uses vector arithmetic to aggregate risk and create a consolidated risk statement, revolutionizing risk modeling.
🔍 Kaiser used the fair ontology to blend risk and investment models, showcasing the potential of integrating different data sources for better decision-making.
🏙️ The city is worried about depleting its reserves based on wildfire risk alone, showing the real and pressing impact of climate-related disasters on local communities.
🔍 The ability to represent 100 million Monte Carlo realizations in a tiny snippet of Json code is truly amazing.