All organizations face a host of risks incurred during the conduct of day-to-day business operations and stakeholder interactions. These risks challenge executives and managers in so far as they can have consequentially negative impacts on the organization’s ongoing sustainability from an operational, financial, reputational, and regulatory perspective.
Organization leaders seek to manager their risks’ likelihood and/or impact; identifying, assessing, and prioritizing followed by monitoring, mitigating (accepting, avoiding, minimizing, or transferring), and controlling each risk. Effective risk management optimizes the cost of risk monitoring and mitigation with the expense incurred should the event occur.
Risk = Probability of an adverse event’s occurrence times the severity of the event’s impact should it occur
Focus of the Risk Management Forum
Materials within the risk management forum focus on those principles, best practices, and warning flags associated with the effective monitoring, mitigation, and response to both identified and unidentified – Black Swan – risks.
For detailed insight on making and managing high-risk decisions, visit StrategyDriven‘s Decision-Making Forum.
Total Access StrategyDriven Insights Library Subscribers can access all of the articles listed below. Sample Subscribers can access those articles annotated as [SL]
Not yet a StrategyDriven Insights Library Subscriber? Click here to learn more.Principles
- Value of Effective Risk Management [SL]
- Principles for Responding to Unexpected, Catastrophic Black Swan Events
- Protocols for Responding to Unexpected, Catastrophic Black Swan Events
- Best Practice – Map Corporate Risks to Operational Processes
- Best Practice – Integrated Risk Assurance Oversight Matrix
- Best Practice – Procedure Annotation and Commitment Tracking
- Best Practice – Risk Quantification
- Best Practice – Ongoing Risk Monitoring
- Warning Flag – Unadjusted Resourcing of Risk Monitoring Activities [SL]
- Warning Flag – Normalcy Bias
- Why Some Firms Thrive While Others Fail by Thomas Stanton
The StrategyDriven Team
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