ChatGPT and similar large language models can produce compelling, humanlike answers to an endless array of questions – from queries about the best Italian restaurant in town to explaining competing theories about the nature of evil.
The technology’s uncanny writing ability has surfaced some old questions – until recently relegated to the realm of science fiction – about the possibility of machines becoming conscious, self-aware or sentient. Continue reading
The primary core use of a pFMEA is to analyze a new process to identify potential failures within the process and evaluate the planned prevention & detection controls to determine the degree of risk (see Table 1).
Unfortunately, once the FMEA is complete the document often just sits “on the shelf” until the next major revision to the process, when it is hopefully used to analyze the planned changes. There are, however, many other potential uses for the FMEA that can leverage the information gained from the analysis. Here are five examples: Continue reading
The pandemic and subsequent supply chain disruptions have been harsh reminders of the need for manufacturers to create or update their business continuity plan (BCP). Disruptions of some sort are likely, and manufacturers must be prepared for all types of scenarios including natural disasters, technical failures and cyberattacks. Continue reading
In 2021, risk team implemented a quantitative risk-based approach to insurance renewals which resulted in reducing the cost of insurance by 60% and improving the quality of coverage across all insurance lines. This approach allowed us to save, or rather pay a fair price for insurance across the globe. Key to success was not to rely on market “best practices”, but on testing various hypotheses in the market and relying on data. Continue reading
In the last 2 years my team was involved in automating risk management part for investment decision making, vendor accreditation, market risk, tender process, treasury management, credit risk and project management. That’s 8 different software packages selected from dozens of possible options. In this article I wanted to share some important takeaways from our risk management automation. Continue reading