#151 – CAN YOU CALCULATE THE PROBABILITY OF UNCERTAINTY? – GEARY SIKICH

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Untitled1-150x150Many aspects of risk management are deeply rooted in mathematical formulae for determining probability. This heavy dependence on mathematics to determine probability of risk realization may create “false positives” regarding a risk that can be either positive or negative. There is also a limitation on how much data can be gathered and assessed in respect to the development of the probability equation regarding the risk being assessed. Continue reading →

#151 – PRODUCT RELIABILITY DESIGN GUIDELINES: THE DESIGN FOR RELIABILITY MANUAL – FRED SCHENKELBERG

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ABC FredOne way to capture and disseminate reliability engineering related information and advice is through internal documents. This of course only works if they are both useful and used.

The focus should be on gathering and providing essential and meaningful information that will improve the reliability of your product. Another element that makes these design guidelines valuable is if they save time. Engineers love to save time. Continue reading →

#151 – OMB A – 123: HOW DID WE GET HERE AND WHAT DOES IT MEAN? – JAMES KLINE PH.D.

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aIMG_4231INTRODUCTION
In a recent e-mail in which he noted that of U.S. Office of Management and Budget (OMB) is issuing its update to Circular A-123 on July 15, 2016, Greg Hutchins, co-founder of the CERM Academy, commented “this is really big. The circular is entitle “Management’s Responsibility for Enterprise Risk Management (ERM)”. It requires all federal agencies to adopt ERM. ERM is a framework by which federal agencies can identify and mitigate risk. I agree with Greg, this will be big. Thus, it is worth stepping back and seeing some of the factors which lead to the adoption of ERM. Continue reading →

#151- LEADERSHIP TURNOVER RISK – ERIC SCHULSE

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A Eric“Elevated turnover among hospital CEOs seems to be a feature of the current healthcare environment,” says Deborah J. Bowen, president and CEO of the American College of Healthcare Executives. 

Leadership turnover is a known risk; thus, you should have it in your risk management program. Continue reading →

#150 – SOCIAL RESPONSIBILITY IS THE NEW BLACK IN RISK – GREG CARROLL

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GregCarrollEven more than reputational risk or cyber risk, social unrest is lining up to be a greater disrupter than any other issue. From Brexit to ISIS to race relations, civil unrest is shaping up to have a profound impact on business.  For the management of uncertainty on business objectives to be truly effective then risk needs to also include all items that disrupt the marketplace.  As such, Social Responsibility is the primary strategy to ensure business resilience. Continue reading →