Category Archives: Risk & Culture
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The origins and treatment of the recent financial crisis is ubiquitous. Acknowledging the sadness of palpable sufferings, its effect is analogous to war /military conflict to technology development; rapid innovations, intellectual debates, cross pollination of thinking, etc.. I want to learn from the financial crisis and in this post; I want to kick start a debate about how Stress Testing that was undertaken in 2009 (USA and UK) and the recent 2010 European Stress Tests. The following question Read the rest of this entry
The subjective technique of identifying risks, categorisation on Probability – Impact Grids and management using comprehensive Enterprise Risk Management software (ARM, PREDICT, etc.) forms the core function of most Project Risk Management frameworks – often referred to as ‘Qualitative Risk Assessment’. Either managed in spreadsheets or on ERM software, they also offer additional possibilities (such as the Monte Carlo engine inbuilt into ARM). But should Risk practitioners prioritize Qualitative risk assessments over richer, and complex modelling Read the rest of this entry
A great deal has been written about Risk Managers being sacked for advising against their senior manager directions (HBoS Risk Manager sacking by his Board, etc). But most Risk Managers employed by organisations work in project teams and involved in all stages of risk management – identification, analysis and mitigation. Of the three, identification Read the rest of this entry
Risk Managers will appreciate that a proactive culture towards risk management cannot be enforced and neither is it sustainable when introduced through short term thinking / urgency (although possible) . Sustainable risk management requires organisations to embark on a journey overcoming challenges of inertia, discipline shortcomings, change fatigue… The intent of this article is to explore the contribution of culture on risk management and vice-versa, towards development of an appreciation towards fostering a risk-centric organisation. My hypothesis is that ‘Risk Management and Organisational culture have a bi-directional associativity with each influencing and being influenced by the other.
I will base my findings on a large organisation that has undergone both incremental and radical transformations. Not only does this give us a rich history of evolution, it also showcases the transition of staff within the organisation through that Read the rest of this entry