As a book author Gregory talks about how his book(and this is a quote from his book, that is a book he wrote) helps those who will read the book ...and then a little bit about risk.

It's a lovely thought, and one I fully embrace, but how do you get over the hurdle of an executive management that only wants to tick the box provided by a board and auditors whose opening question on risk management is "show me your risk register and heatmap", and who aren't open to the question "what assurance are you taking from these documents"? It's learned behaviour. These people learned about risk management in the 80s and 90s, and are sensitive to the notion that changing course now would suggest (to others and themselves) that they have been doing it wrong that whole time. Even worse, their underlings see how they approach risk management and take that as their cue for the future.

As a Safety manager, I agree 100%. I look at us as both a service provider for the decision makers and a control.

I think he means risk elements

Паша крут!

This is masterful.

Колоооменскоооеее!!

Толстого уймите, он со своим пузом постоянно перебивает не в тему. Ни воспитания, ни образования, ни такта, ни ума - бот расплывшийся... притянуть песню о Вологде явно его идея, диагноз.

Эксперт будто накануне семинара весь контент получил, съел стимулятор, залил это кофе и не может унять свой слово-поток, не выходит из режима перебивания.

Сейчас все это азбучно звучит. А если не применяется где-то , то соболезную.

I and my risk manager are working on our KPIs that should be aligned with our job description. However, we are having a problem because our HR department want it to be quantifiable. Do you have KPI template that is quantifiable? We would love receiving if for free. Thank you.

😂😂😂 how i feel in my course. I feel so much better

Informative & insightful on the topic of the behavioural aspects of decision making . Thanks Kurt Nelson for sharing the video .

what? where is the beginning of this vid. what is the sip?

RM2 at its finest.

One of the best presentations on risk and its management I've seen. Yet, one still sees professionals in various fields tugging their forelock to the risk matrix, often created in a committee or 'workshop' in which risks are misunderstood, identified using the mental dartboard, and are mishandled, with resources misallocated and true risks ignored.

Risk workshops are a pointless ceremony by which execs think they have 'managed risk'. Nonsensical. A project or business risk profile continually changes and needs to be developed according to a business-wide risk management plan and continuously reaassessed. This starts with a 'Risk Breakdown Structure', and developed in terms of the business environment interrogated by a SSM 'CATWOE' framework. Then likely vulnerabiliteis are examined on an actuarial basis for likely effective cost range for the risk event. This can then be examined in a symposium (the grown-up's name for a 'workshop').

One of the greatest risks in heat maps, so called, is overlapping error bands. If the heat map is less than a 5*5 grid, the problem becomes quite worrying, with two 'grades' of risk apart often touching at corners. This means that an unavoidable estimation error (a systematic error) can mistakenly categorize say a 'medium' risk as 'extreme' and vice versa. The misallocation of resources, or the misunderstanding of a truly extreme risk can have catastrophic consequences. But that's only the obvious problem Cox gives us more on this. Calculated 'effective cost of risk' I think are far better as a comparative metric.

instead of root cause, perhaps risk factors (that increase the probablity of the risk) or better, anomalies?

Risk tolerance is the high-level general description of the acceptable degree of risk for an individual or an organization, while risk threshold is the point at which a specific risk becomes unacceptable. Risk tolerance and limits vary depending on the individual or an organization.

Hello Alex I am really interested in learning more about RM2 also how it can be done without much data. would like to contact you via mail. Can you share an email and the name to hand book. I am a risk manager from Nigeria

Работаю по стандарту 9001 и, наконец-то, пришло осознание, что упор, все-таки, направлен на МЫШЛЕНИЕ о рисках! Спасибо Вам, буду использовать этот подход

True, however a CRO is a solutions oriented person. HR, Legal, , CFO, , marketing, etc. are busy with tasks. They are focused but not planners.

Can you please clarify if the recommendation is that a monte carlo simulation is done for every decision making?

Transcriptions are off: "Poisson Distribution" gets transcribed as "Personal Distribution"

Muchas gracias por este contenido, saludos desde Perú

Fluffy speach, no rationale provided to support the author's view. Sorry.

great and also thanks

How can I measure ERM index

So what's the solution?

I dont speak french

Timecodes for Examples / Case Studies presented: 5:35 - CAPEX budgeting (Basic Risk Analysis to allocate Capital for Operational Risks) 13:42 - Compliance Risks (Simple Methodology for Compliance Risks’ Prioritization based on Impact on Cash Flow) 18:45 - Strategic Business Plan Risks (and Liquidity / Cash Flow Risks for 6-year horizon) 22:38 - Water Pollution (Risk Analysis of Investments aimed to mitigate Environmental Compliance Risk) 28:58 - Insurance Buying (Advanced Approach that can bring real Savings) 35:54 - 3rd Party Risk Management (Suppliers Accreditation in Procurement) 40:15 - Key Takeaways

I'm looking for a sample of a disaster plan for a government department. Please help. Thank you.

Excellent! Every points you need to present/ explain to your board/ decision makers ! Just use your own specific model…

great channel i will subscribe

Хочу обучиться риск менеджменту 2. Из лекции понял, что за этим стоит, но как именно происходит внедрение, не понятно

I’m having a hard time understanding how you can determine the error rate of methodologies. Wouldn’t you need a control to understand which methodology produces a lower error rate? You claim that studies have determined quantitative risk analysis to be far superior. Will you provide your sources? I haven’t done much in the quantitative risk analysis arena. I work in the InfoSec/Cyber security world and any numbers we use would be a pretty big guess. How is this any better than a qualitative analysis?

i really want to disagree with your statement, alex, because how could a licensed standard be useless? but after acting as a risk manager for the past year, I have tried to practice risk management away from the use of certain standards or frameworks, but more emphasis on the principle that there are goals whose attainment is still uncertain, so to achieve them requires precise determination of various kinds of strategic decision options, and which of those options is more effective, it's that simple and it turns out it is accepted more quickly by risk owners in all the business units where I work. So, it turns out I agree with this statement in the end.

Можно ли использовать то о чем вы говорите в строительстве или эксплуатации зданий

I think you make a really important point of the risk manager being the facilitator of the cultural change! Keep the good and thought provoking content coming!

The key take away is to know you can not show values to everyone but choose who to show value to in the business.

The collaboration of the Risk Manager is key with all the department in the business for an optimal performance of risk implementation in the business.

I totally agree with you on what ERM is to business as a form of framework that guides the business on different activities and steps to be achieved. Thanks for sharing your view.

Yes! Risk lives in distributions, thank you for this helpful insight!! Red, Yellow, Green certainly loses information by reducing to an average, but at the same we have to pick whether to do or not do something. Does colour coding / heat maps have any use in risk management?

Hello Alex, greetings from Peru. I have a question. What are the most common type b software?

Thanks Alex and Dave. Where can i find the paper?

Hi Alex, great session,as usual. I might be dumb in not seeing the links that you said you’d add after the webinar. Can you point me to them, please? Many thanks 🙏

Thanks, Alex. It's really useful to hear your distillation that now tidily separates RM1 and RM2. It will help me raise RM2 without appearing rude to clients who think RM1 is the end of the story.

I came to the same ,or very similar, conclusion, years ago regarding tge practical execution and goal of risk management; the essential need to understand and tge capability to incorporate and apply decision science, behavioral economics (and praxeology) and propability science. Studying these fields for years brought me much closer to useful methods to practically and effectively assess and manage risk, compared to following any of the risk management framewords and standards. The solutions to risk management are usually exceeding simple, and with more alternative treatments available than what are promoted by mainstream risk management professionals. Incorporation of the Logical Thinking Process (LTP) is another method that helps simplify risk management and analysis.