I tried to sell my real risk profile to my home insurance group, and they didnt care
@RISKACADEMY14 күн бұрын
You don't know whether you did or not until you calculated your actual risk profile (loss exceedance curve)
@JohnEButton14 күн бұрын
@@RISKACADEMY I'll try with my car insurance company.
@RISKACADEMY13 күн бұрын
Good luck, last time I checked retail insurances like home, car, health were reasonably and quantitatively priced and there was not much value in risk profile. Ot is the corporate and non retail insurances where there is big difference in risk and price
@daviddivad591015 күн бұрын
This is not new or original
@RISKACADEMY14 күн бұрын
Does it have to be? But by all means do share how you quantified it. Because I have researched this quite a bit and saw few methodologies, none good.
@mepo567317 күн бұрын
As a book author Gregory talks about how his book(and this is a quote from his book, that is a book he wrote) helps those who will read the book ...and then a little bit about risk.
@CambsGuyUK25 күн бұрын
It's a lovely thought, and one I fully embrace, but how do you get over the hurdle of an executive management that only wants to tick the box provided by a board and auditors whose opening question on risk management is "show me your risk register and heatmap", and who aren't open to the question "what assurance are you taking from these documents"? It's learned behaviour. These people learned about risk management in the 80s and 90s, and are sensitive to the notion that changing course now would suggest (to others and themselves) that they have been doing it wrong that whole time. Even worse, their underlings see how they approach risk management and take that as their cue for the future.
@RISKACADEMY25 күн бұрын
Find a company with smarter executives
@toyhej26 күн бұрын
As a Safety manager, I agree 100%. I look at us as both a service provider for the decision makers and a control.
@RISKACADEMY25 күн бұрын
Good example
@abdallahhantoush6349Ай бұрын
I think he means risk elements
@RISKACADEMY28 күн бұрын
What is risk elements?
@CRTWАй бұрын
Паша крут!
@mepo5673Ай бұрын
This is masterful.
@mepo5673Ай бұрын
Колоооменскоооеее!!
@LightInside-id1fmАй бұрын
Толстого уймите, он со своим пузом постоянно перебивает не в тему. Ни воспитания, ни образования, ни такта, ни ума - бот расплывшийся... притянуть песню о Вологде явно его идея, диагноз.
@PanzerPole-zz2lbАй бұрын
Эксперт будто накануне семинара весь контент получил, съел стимулятор, залил это кофе и не может унять свой слово-поток, не выходит из режима перебивания.
@LightInside-id1fmАй бұрын
Сейчас все это азбучно звучит. А если не применяется где-то , то соболезную.
@TanyaYacapiloveyou143442 ай бұрын
I and my risk manager are working on our KPIs that should be aligned with our job description. However, we are having a problem because our HR department want it to be quantifiable. Do you have KPI template that is quantifiable? We would love receiving if for free. Thank you.
@RISKACADEMYАй бұрын
If you want something basic and quantifiable, use % of the risk management implementation plan completed by December. The easiest I can think of
@teafoster56432 ай бұрын
😂😂😂 how i feel in my course. I feel so much better
@padmajaiswal77442 ай бұрын
Informative & insightful on the topic of the behavioural aspects of decision making . Thanks Kurt Nelson for sharing the video .
@RISKACADEMY2 ай бұрын
Glad it was helpful!
@lebronjuniornuggets3 ай бұрын
what? where is the beginning of this vid. what is the sip?
@RISKACADEMY3 ай бұрын
This is part of our monthly webcast, we had 25 episodes so far. SIP is a fascinating thing www.probabilitymanagement.org/sipmath
@RISKACADEMY3 ай бұрын
Here are first parts kzfaq.info/get/bejne/qN2Ae6yntL6ukqc.html kzfaq.info/get/bejne/brthY7d1t52XgZ8.html kzfaq.info/get/bejne/eLpgdsWVqq-5ZXU.html
@JohnEButton3 ай бұрын
RM2 at its finest.
@dagwould4 ай бұрын
One of the best presentations on risk and its management I've seen. Yet, one still sees professionals in various fields tugging their forelock to the risk matrix, often created in a committee or 'workshop' in which risks are misunderstood, identified using the mental dartboard, and are mishandled, with resources misallocated and true risks ignored.
@RISKACADEMY4 ай бұрын
Thank you. Humans are predictably irrational as Dan Ariely said
@dagwould4 ай бұрын
Risk workshops are a pointless ceremony by which execs think they have 'managed risk'. Nonsensical. A project or business risk profile continually changes and needs to be developed according to a business-wide risk management plan and continuously reaassessed. This starts with a 'Risk Breakdown Structure', and developed in terms of the business environment interrogated by a SSM 'CATWOE' framework. Then likely vulnerabiliteis are examined on an actuarial basis for likely effective cost range for the risk event. This can then be examined in a symposium (the grown-up's name for a 'workshop').
@RISKACADEMY4 ай бұрын
What you describe is still RM1, a more structured, better RM1, but RM1 nevertheless and therefore not as useful as integrating quant risk analysis into project decisions and risk based contingency
@dagwould4 ай бұрын
One of the greatest risks in heat maps, so called, is overlapping error bands. If the heat map is less than a 5*5 grid, the problem becomes quite worrying, with two 'grades' of risk apart often touching at corners. This means that an unavoidable estimation error (a systematic error) can mistakenly categorize say a 'medium' risk as 'extreme' and vice versa. The misallocation of resources, or the misunderstanding of a truly extreme risk can have catastrophic consequences. But that's only the obvious problem Cox gives us more on this. Calculated 'effective cost of risk' I think are far better as a comparative metric.
@RISKACADEMY4 ай бұрын
Good point. I haven't used a heatmap in almost 10 years and couldn't be happier
@MotoM0nk4 ай бұрын
instead of root cause, perhaps risk factors (that increase the probablity of the risk) or better, anomalies?
@RISKACADEMY4 ай бұрын
What do you mean?
@henriquediniz525 ай бұрын
Risk tolerance is the high-level general description of the acceptable degree of risk for an individual or an organization, while risk threshold is the point at which a specific risk becomes unacceptable. Risk tolerance and limits vary depending on the individual or an organization.
@RISKACADEMY4 ай бұрын
Only in theory books, in practice people call limits and general attitude towards risk taking all sorts of names
@shakiramustapha32265 ай бұрын
Hello Alex I am really interested in learning more about RM2 also how it can be done without much data. would like to contact you via mail. Can you share an email and the name to hand book. I am a risk manager from Nigeria
@RISKACADEMY4 ай бұрын
You can send me a message on LinkedIn but I would much rather chat with you here
@9iozzygreen5 ай бұрын
Работаю по стандарту 9001 и, наконец-то, пришло осознание, что упор, все-таки, направлен на МЫШЛЕНИЕ о рисках! Спасибо Вам, буду использовать этот подход
@dianebaker96255 ай бұрын
True, however a CRO is a solutions oriented person. HR, Legal, , CFO, , marketing, etc. are busy with tasks. They are focused but not planners.
@RISKACADEMY5 ай бұрын
This is absolutely not true, every exec is solutions orientated. Although I am not sure what is the point you are trying to make
@ngk28326 ай бұрын
Can you please clarify if the recommendation is that a monte carlo simulation is done for every decision making?
@RISKACADEMY5 ай бұрын
Monte Carlo simulation is only used when a decision and the level and type of uncertainty justifies it. This is quite rare in real life
@sniffem6 ай бұрын
Transcriptions are off: "Poisson Distribution" gets transcribed as "Personal Distribution"
@RISKACADEMY6 ай бұрын
In a way it is ))
@JuniorCachay6 ай бұрын
Muchas gracias por este contenido, saludos desde Perú
@RISKACADEMY6 ай бұрын
Was the AI translation ok?
@nnyc37167 ай бұрын
Fluffy speach, no rationale provided to support the author's view. Sorry.
@RISKACADEMY7 ай бұрын
Or you missed it, one of the two... In RM2 world kris distract from normal risk-based performance monitoring
@nnyc37166 ай бұрын
@@RISKACADEMY or they are missing)
@easily-know7 ай бұрын
great and also thanks
@RISKACADEMY7 ай бұрын
Most welcome
@aissaguettala7 ай бұрын
How can I measure ERM index
@RISKACADEMY7 ай бұрын
What is ERM index?
@supermaryann777 ай бұрын
So what's the solution?
@RISKACADEMY7 ай бұрын
Take your pick www.corporatecomplianceinsights.com/alternative-risk-matrices/
@JohnEButton7 ай бұрын
I dont speak french
@ilyaefimchuk92767 ай бұрын
Timecodes for Examples / Case Studies presented: 5:35 - CAPEX budgeting (Basic Risk Analysis to allocate Capital for Operational Risks) 13:42 - Compliance Risks (Simple Methodology for Compliance Risks’ Prioritization based on Impact on Cash Flow) 18:45 - Strategic Business Plan Risks (and Liquidity / Cash Flow Risks for 6-year horizon) 22:38 - Water Pollution (Risk Analysis of Investments aimed to mitigate Environmental Compliance Risk) 28:58 - Insurance Buying (Advanced Approach that can bring real Savings) 35:54 - 3rd Party Risk Management (Suppliers Accreditation in Procurement) 40:15 - Key Takeaways
@ntuthunonkelela14648 ай бұрын
I'm looking for a sample of a disaster plan for a government department. Please help. Thank you.
@RISKACADEMY8 ай бұрын
I don't have any, not my expertise, but good luck
@RobertPare-bj6op8 ай бұрын
Excellent! Every points you need to present/ explain to your board/ decision makers ! Just use your own specific model…
@RISKACADEMY7 ай бұрын
Exactly
@gigdoll8 ай бұрын
great channel i will subscribe
@user-mb2lu2js6q8 ай бұрын
Хочу обучиться риск менеджменту 2. Из лекции понял, что за этим стоит, но как именно происходит внедрение, не понятно
@CraigEstep8 ай бұрын
I’m having a hard time understanding how you can determine the error rate of methodologies. Wouldn’t you need a control to understand which methodology produces a lower error rate? You claim that studies have determined quantitative risk analysis to be far superior. Will you provide your sources? I haven’t done much in the quantitative risk analysis arena. I work in the InfoSec/Cyber security world and any numbers we use would be a pretty big guess. How is this any better than a qualitative analysis?
@RISKACADEMY8 ай бұрын
Determining the error rate of methodologies is called back testing. This is risk management 101. I would be very cautious of risk managers who do not back test their methodologies. Risk analysis gives you a distribution of forecasted losses for a period, at the end of the period you check whether actual losses are withing the confidence level and adjust the model. The rest of your questions have been answered in detail in Doug's book on cyber risk amzn.to/3tegGLD
@betrikaoktaresa7419 ай бұрын
i really want to disagree with your statement, alex, because how could a licensed standard be useless? but after acting as a risk manager for the past year, I have tried to practice risk management away from the use of certain standards or frameworks, but more emphasis on the principle that there are goals whose attainment is still uncertain, so to achieve them requires precise determination of various kinds of strategic decision options, and which of those options is more effective, it's that simple and it turns out it is accepted more quickly by risk owners in all the business units where I work. So, it turns out I agree with this statement in the end.
@RISKACADEMY9 ай бұрын
I am glad :)) also no such thing as licenced standard in risk management and if you witnessed how both COSO and ISO are created you would never follow them :) I did and I never used them since
@user-sn9si6yo6j9 ай бұрын
Можно ли использовать то о чем вы говорите в строительстве или эксплуатации зданий
@RISKACADEMY9 ай бұрын
Да, может быть я вопрос не до конца понимаю
@toyhej9 ай бұрын
I think you make a really important point of the risk manager being the facilitator of the cultural change! Keep the good and thought provoking content coming!
@RISKACADEMY9 ай бұрын
Thank you
@adekunleajayi19079 ай бұрын
The key take away is to know you can not show values to everyone but choose who to show value to in the business.
@RISKACADEMY9 ай бұрын
Pretty much and different values to different people
@adekunleajayi19079 ай бұрын
The collaboration of the Risk Manager is key with all the department in the business for an optimal performance of risk implementation in the business.
@RISKACADEMY9 ай бұрын
Agree
@adekunleajayi19079 ай бұрын
I totally agree with you on what ERM is to business as a form of framework that guides the business on different activities and steps to be achieved. Thanks for sharing your view.
@RISKACADEMY9 ай бұрын
Absolutely!
@ActuarialNotes9 ай бұрын
Yes! Risk lives in distributions, thank you for this helpful insight!! Red, Yellow, Green certainly loses information by reducing to an average, but at the same we have to pick whether to do or not do something. Does colour coding / heat maps have any use in risk management?
@RISKACADEMY9 ай бұрын
Not in my experience
@JuniorCachay9 ай бұрын
Hello Alex, greetings from Peru. I have a question. What are the most common type b software?
@RISKACADEMY9 ай бұрын
For me right now it's SIPmath (ChanceCalc) and Vose ModelRisk. I use them almost daily
@geovanyjoaquim49679 ай бұрын
Thanks Alex and Dave. Where can i find the paper?
@RISKACADEMY9 ай бұрын
Here you go www.vosesoftware.com/knowledgebase/all/?type=whitepapers, I think that one is called The Perplexing Math of Uncertainty
@simonlambert5479 ай бұрын
Hi Alex, great session,as usual. I might be dumb in not seeing the links that you said you’d add after the webinar. Can you point me to them, please? Many thanks 🙏
@RISKACADEMY9 ай бұрын
Can you remind which links we talked about? Webinars are chanceage.com/ RAW2023 is 2023.riskawarenessweek.com/ Software is probabilitymanagement.org
@simonlambert5479 ай бұрын
@@RISKACADEMY Thanks for your reply. Just after 34:40 you mention putting the link to your article about bowtie combined with Monte Carlo (Vivian's question?). Also, in response to Adrian's question, just after 41:30 you list a few docs that you will share links to: risk registers, generic template, etc. Love these sessions. Thanks for putting them on :)
@RISKACADEMY9 ай бұрын
@@simonlambert547 here are all downloadables riskacademy.blog/category/video/
@simonlambert5479 ай бұрын
@@RISKACADEMY Thanks, Alex. Much appreciated. Congratulations on your new Swiss role too!