Tag Archives: risk management

Books on Risk

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Half or more of the business books now published deal with risk. Or, so it seems.

I just got back from Barnes & Noble. As a past author, I check out new hard cover books, which are a window into important business trends.

Maybe, it’s a situation of ‘where you sit is what you see.’ So, I sit in the risk space and all I see is risk. Risk in crossing the street. Risk in buying this or doing that.

But, the new hard cover business books point to a hard realization that risk is the new normal or new reset. And, it’s not going away.

Some implications: All if not most of the business rules are changing. Organizations and people are not ready for the changes. We need new: 1. Risk based, problem solving and 2. Risk based, decision making tools.

Hence, we are getting lots of business trade books explaining what to do to deal with risk.

Cyber ERM

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Cyber Security is going ERM.

The US Department of Energy (DOE) released for public comment the Electricity Subsector CyberSecurity Risk Management Process.  You can download it at:

(http://energy.gov/sites/prod/files/RMP%20Guideline%20Second%20Draft%20for%20Public%20Comment%20-%20March%202012.pdf

It may be a game changer in risk frameworks.  Most risk frameworks are linear risk assessment processes.

The DOE standard is ERM process based, inputs  => activities => outputs, hierarchal (tiered), and follows a novel cycle.

Let’s discuss a few of these:

The RM model is tiered: 1. Tier 1: Organization; 2. Tier 2: Mission and Business Processes; and Tier 3: IT and Industrial Control Systems.

The RM model has a cycle of: Frame => Assess => Respond => Monitor.

Each tier follows a process, much like the Project Management Institute Body of Knowledge (PMBOK)

Different RM model.  ERM based.  Interesting.  Novel.  Check it out.

MORPHING PROFESSIONS

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Qur firm – Quality + Engineering – provides professional engineering, forensics, and risk management.  In the last two months, we’ve been contacted to:

1.  Manage outsourced quality operations.
2.  Reframe a much smaller quality group into a risk management group.
3.  Do a combination of the above.

Is the quality profession morphing, disappearing, or maturing?  Or, is this an anomaly to the quality profession?  I don’t think so!

We’re seeing more than one profession changing dramatically.  As I read the NY Times and Wall Street Journal, it’s happening to the legal, marketing, journalism and most professions.    Newly minted lawyers can’t get jobs.  Top law firms are changing their revenue models, revamping their partnership models, or are folding.  Marketing is moving on line, which requires new technical skills.  Journalism is also moving online.

So, the critical questions for most of us are:

  • What changes are happening in our profession?
  • How are we keeping current?
  • What value are we adding to our organization or customers?

 

Morphing Professions – Greg Hutchins

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Greg Hutchins pixQur firm – Quality + Engineering – provides professional engineering, forensics, and risk management.  In the last two months, we’ve been contacted to:

1.  Manage outsourced quality operations.
2.  Reframe a much smaller quality group into a risk management group.
3.  Do a combination of the above.

Continue reading →

US – Like Greece – Greg Hutchins

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For the past year, I’ve been wondering why has the US media been focusing so much coverage on Greece.  Small country.  Small GNP.  European.  Little industry.  No much economic similarity to US.

It’s not that I don’t care.  I’m just wondering why I should care.  And, why all media are telling all of us why we should care.  Now, I got it!

We are Greece.  The media is preparing the US for what has happened and will happen to the US.  Greece, Ireland, Spain, Portugal, Italy, and US are the dominoes in the economic debt cycle.  All are impossibly in debt.  We are going to one of the dominoes to fall.  The media is giving us an early warning of what to expect in terms of unpaid public pensions, social unrest, and diminished expectations.  Not good?

What do you think?  Am I off base?  What are the alternatives?

Bio:

Greg Hutchins PE and CERM (503.233.101 & GregH@QualityPlusEngineering.com)  is the founder of:

CERMAcademy.com
800Compete.com
QualityPlusEngineering.com
WorkingIt.com

He is the evangelist behind Future of Quality: Risk®.  He is currently working on the Future of Work and machine learning projects.

He is a frequent speaker and expert on Supply Chain Risk Management and cyber security.  His current books available on all platform are shown below: