#452 – LIVING UP TO ERM EXPECTATIONS – JAMES TONEY

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A December 2022 article by McKinsey discussed risk and resilience priorities from the Chief Risk Officer perspective. The article stressed that when business environments are subject to constant disruption, superior risk management becomes a competitive advantage in all industries.  It also noted that risk functions need to develop more sophisticated risk identification approaches to rapidly identify and respond to new risks. (34) Continue reading →

#452 – HOW AI IS HIJACKING RISK MANAGEMENT JOBS – ALEX SIDORENKO

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Imagine you are building a world class risk management team for a non-financial company, who would you hire? In  my risk management team I need a researcher, a decision analyst, a quant and a culture ambassador.

The researcher

I need someone to spend time scouring through reports, news articles, and regulatory updates to identify emerging risks and trends. This demands a keen eye for detail and a deep understanding of the industry. Continue reading →

#451 – CROWDSTRIKE OUTAGE INDICATES THAT RISK MANAGEMENT IS ESSENTIAL – MICHAEL J. DAVERN PH.D.

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In the wake of the widespread chaos we saw on Friday, one old adage perhaps feels even truer now than when it was first coined in the 1960s:

To err is human, but to really foul things up you need a computer.

As the world continues to assess the fallout of what has been called “the largest IT outage in history”, industry and government leaders will naturally be pondering how exactly this all could have happened. Continue reading →

#451 – WILDFIRES HERE NOW: WE HAVE TO ADAPT AS WE MITIGATE – BOB LEONARD

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NOTE: As I write this on a July weekend in Portland OR… here’s today’s headline in the New York Times: “Pacific Northwest Faces Critical Fire Risk as Wildfires Burn”. About 1.7 million people are under fire danger warnings on Sunday as a heat wave continues to bake the region and several large blazes burn in Oregon. Continue reading →

#451 – 100 AI STRATEGIES THAT WILL TRANSFORM YOUR RISK TAKING SKILLS – ALEX SIDORENKO

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We’ve hit an exciting milestone with the first 100 registrations for RISK AWARENESS WEEK 2024! To me, each registration represents a commitment to advancing risk management and decision-making . And to celebrate, I have prepared 100 ideas AI can transform your company and personal decision making. That’s right. A hundred ideas. Not bs, generic AI-generated empty statements, 100 practical ideas I personally use in my day to day work. From identifying hidden risks to overcoming cognitive biases, these AI ideas will turn your risk taking skills into a superpower. If these are not enough, register for upcoming RAW2024 to hear some of the best global risk managers share their stories. Continue reading →