When you think of movies, the genres of action, romance, or perhaps drama might come to mind. But what if I told you that some of the most compelling tales of risk management, decision science, and behavioural economics come packaged in the very films we cherish? This isn’t just about Wall Street dramas or high-stakes heist thrillers. Sometimes, the most profound lessons about risk lurk in unsuspected corners, from a romantic comedy to a sci-fi classic. In this article, I’ve created a list of mo
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The logistics operations of your business enable the movement of raw materials, completed goods, and services to bolster your offers and act as a crucial connection connecting you to the worldwide market. This connection has historically been crucial to the development and growth of businesses. Effective risk management practices are essential in today's dynamic environment, full of powerful disruptors and possible dangers.
They are crucial for maintaining corporate operations without interrupti
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Organisations can only hope to advance their Purpose – and thus create value – by making and implementing decisions. Decision-making approach and competency is thus fundamental to sound governance.
This workshop will show that although the array of current and past approaches to ‘Risk Management’ with their many artefacts and paraphernalia absorb precious resources, they serve only to hinder rather than help sound decision making. We will contend that these ‘Risk management’ belief system
Risk management is an intricate dance of analysis, prediction, and mitigation. Central to this process is the role of Subject Matter Experts (SMEs), whose judgments are pivotal in estimating potential risks and their impacts. But how accurate are these expert estimations? Does continuous training and hands-on experience refine their predictive prowess? And when multiple SMEs weigh in, what’s the best method to consolidate their insights?
Join us in this enlightening workshop as we delve into g
Design is essential to the creation of effective solutions. It includes aesthetics, usability, and the user experience. Several models are employed to direct the design process.
Despite the variety of design models, there are foundational steps that are universal. These include comprehending the problem, generating ideas, prototyping the solution, testing it, and refining it. These stages are the foundation of Design Thinking and enable designers to effectively navigate complex challenges.
The
Many companies, particularly in the financial sector, rely heavily on regulatory intelligence. Regulatory intelligence experts monitor and assess regulatory developments, business patterns, and guidelines to guarantee that their organizations follow applicable legislation and norms. Due to regulatory standards' current complexity and globalization, regulatory intelligence experts have assumed a more significant position in society. These specialists are essential to assisting their companies nav
One of the main cause of most Innovation failures is a lack of understanding of client requirements.
With the abundance of data available today, organizations should have no trouble understanding what their customers want to achieve. But this is not the case. In virtually all cases, data is used to find correlations rather than causes.
The Jobs-to-Be-Done (JTBD) Theory assists in comprehending client preferences by concentrating on what drives a purchase. The JTBD Theory approaches the innovati
Many teams are still using spreadsheets to manage risk. And while it can be a good place to start for some smaller businesses, as organisations expand, it becomes unmanageable. Complex processes like risk management require multiple users, complex data mapping, control monitoring, automation, strict data governance, and in-depth reporting & analytics – and spreadsheets simply don’t offer this level of functionality. When risk data is contained in a spreadsheet, it’s just data; but when risk data
Hi Global Risk Community member,
What does Governance, Risk Management and Compliance management look like across your business? Organizations will often approach GRC as a compliance band-aid rather than truly integrating it into their business. The lack of internal control management opens the door to heightened risk exposure.
Join Fastpath host, Frank Vukovits, Principal Evangelist, and guest Michael Rasmussen, GRC Analyst and Pundit at GRC 20/20 Research for an upcoming Fastpath webinar:
In a dynamic business landscape where regulations evolve continuously, adaptability is the key to organizational success. Navigating this network of change requires more than just a traditional approach. It demands innovative strategies, keen insight, and a steady commitment to maintaining compliance.
In this blog, we will explore ground-breaking tactics that not only bolster your regulatory change management framework but also catalyze seamless transitions, mitigate risks, and drive a culture of
Policy and procedure documents form the foundation of every business, offering a structure for uniform operations, regulatory compliance, and employee direction. These manuals outline the guidelines, obligations, and procedures that control several facets of an organization's operations. Managing policy and procedural documentation in significant or complicated businesses can have major difficulties.
Traditional approaches to document management, including shared network drives or manual filing s
Nancy Duarte August 03, 2023
MIT SLOAN
Management Review
Companies say they desperately want employees who can communicate effectively — leaders tell me that all the time in workshops — but how many of them really mean it? It’s hard to find a job posting that doesn’t mention the communication skill set as a key requirement. And yet, when faced with the skills that candidates actually have and those that they’re weak in, hiring managers find themselves making trade-offs, particularly to
The regulatory landscape evolves continuously, with governments and international bodies frequently revising existing laws or enacting new ones in response to emerging trends, challenges, or societal needs. It is no longer enough to just comply; businesses must stay ahead and be prepared for regulatory changes to ensure competitiveness and sustainability.
This blog outlines the incredible benefits of staying ahead of regulatory changes. The goal is to help businesses understand why they should pr
Today's businesses depend more than ever on outside partners, suppliers, and vendors to support their operations. Therefore, third-party risk management is a critical aspect of everyday business. However, these third-party agreements can pose various potential risks, including data leaks, regulatory violations, functional interruptions, and damaging reputations. Organizations must implement a robust third-party risk management approach to reduce these risks.
A company is guided by several crucial
When you think of movies, the genres of action, romance, or perhaps drama might come to mind. But what if I told you that some of the most compelling tales of risk management, decision science, and behavioural economics come packaged in the very films we cherish? This isn’t just about Wall Street dramas or high-stakes heist thrillers. Sometimes, the most profound lessons about risk lurk in unsuspected corners, from a romantic comedy to a sci-fi classic. In this article, I’ve created a list of mo
Risk management has become a critical component of every organization’s strategy in today’s challenging corporate climate. Organizations must be able to detect, analyze, and manage risks to preserve their resources, credibility, and the bottom line. Predictive analysis is one approach that has become prominent in the past few years. Predictive risk intelligence analysis could help enterprises foresee and mitigate prospective risks prior to their materialization with risk insights by examining hi
Corporate decision-making has always included risk management as a critical component. however risks are becoming more complicated and interrelated than ever before in the fast-paced commercial climate of today. Businesses are using risk data and analytics to get relevant risk insights, which provide a powerful toolkit for recognizing, evaluating, and managing risks, to solve these issues. Businesses may reduce risks with the correct approach to risk data and analytics, open new opportunities, a
For the fifth year running Risk Awareness Week 2023 promises to be the biggest online risk management and decision making event and offers amazing insights, strategies, and discussions revolving around the integration of risk management into decision making. More than 20000 people already viewed the workshops. This year, you wouldn’t want to miss this:
Evolution and future of risk management
The ever-evolving landscape of risk management is shaped by technological advancements, innovative methodol
