Radical Risk Management
If you are still trying to Identify all the risks you are exposed to within the context of your business or spend endless hours converting historical data into useless risk…
Risk Culture Builder has not received any gifts yet
I see more and more talk about Risk Assurance and Risk Attestation (together with so many advertisements of people and organisations offering these services). This sounds like getting stuck even deeper in the trenches of the 3/4/5 Lines of Defense by trying to provide confirmation that “nothing bad will happen on my watch”. We will take NO risk, nobody will stick out their head and nobody will get hurt----we will also make NO advancement on the battlefield of business; something similar to…Continue
The world of risk management can no longer be ruled by the quants, they had their time of complicating something very simple and easy. The Future of Risk Management lies with the gamers.
When we look at formal risk management as we know it today, it is moving out of the teenage years and the make-up of the future Chief Risk Officers will be very different to the past of “quantified” risk reports, based on historic data and produced (normally too late) by one department in the…
We have to move on from this 3-lines-thinking, it is outdated, every employee is a risk manager and must manage the risks associated with his or her job on a daily basis, in an effective Risk Culture there is no need to "defend" it is just optimised risk management and taking more risk to get more reward and build sustainable competitive advantage. Those who are not good or do nothing to build an effective Risk Culture, will just be exploited by those who are better.