#445 – WE’RE NOW ALL RISK MANAGERS – GREG HUTCHINS PE CERM

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The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome.
Peter L. Bernstein – Risk Author

During COVID, we were all VUCANs(R). We all had to deal with Volatility, Uncertainty, Complexity, and Ambiguity. This implies each of us is inherently a risk manager. Why? Maybe, it’s hard wired into our DNA. Look at the ‘fight or flight’ syndrome our ancestors had to live and decide by. The very survivability of our species was defined by this simple risk-based conundrum. Continue reading →

#444 – SUPPLY CHAIN PROCESS CONTROL AND CAPABILITY – FRED SCHENKELBERG

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If you buy more than one of an item used in your product, you will have to deal with variability. In general, the variability from part to part is minimal and expected. Occasionally, the variability is large and causes reliability problems.

According to O’Connor and Kleyner, “The main cause of production-induced unreliability, as well as rework and scrap, is the variability inherent in production processes.” O’Connor, Patrick D. T. and Andre Kleyner. 2012. Practical Reliability Engineering. Chicester: John Wiley and Sons. Web. Continue reading →

#444 – SUPREME COURT JUSTICES FEAR ‘LEGAL CHAOS’: LOOK FOR A REVERSAL IN A FAIRLY SHORT TIME – JOHN E. JONES III

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I think it’s clear they’re going to reverse the Colorado Supreme Court. There’s no question in my mind. I would look for a reversal in a fairly short period of time. The surprise may be that some of the more liberal justices could join the majority. I would look for an overwhelming majority to reverse. I think you could potentially see some concurring opinions, although I think Chief Justice John Roberts will try to wrap it into one opinion. Continue reading →

#444 – WHAT YOU NEED TO KNOW ABOUT INFORMATION AND TECHNOLOGY RISKS – JAMES KLINE PH.D.

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In November 2023, the National Institute of Standards and Technology (NIST) issued NIST Special Publication NIST SP 800-221 (SP). The publication is entitled “Enterprise Impact of Information and Communications Technology Risk: Governing and Managing ICT Risk Programs Within an Enterprise Risk Portfolio. (1) This SP provides a guide for integrating ICT Risk Management with the larger Enterprise Risk Management (ERM) framework. Continue reading →

#444 – HOT TIP: PRACTICE, PRACTICE, PRACTICE YOUR SAFETY TRAINING – BILL POMFRET PH.D

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In the early 2000s, a young Chinese pianist named Lang Lang was scheduled to perform at New York City’s Carnegie Hall in a highly anticipated debut. At the time he was considered by many critics to be the most exciting keyboard talent in a generation. Continue reading →