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Different domains have their own risk vocabularies, often leaving broader threats unseen. What we need is a more holistic approach, something like Total Risk Management (TRM). that uncertainty is the root cause of all risk. Uncertainty creates the opportunity for risk independent of its effects. Share your thoughts and experiences with risk & compliance.

Given that uncertainty and risk are on everyone's minds we have decided to go ahead and offer this workshop so you could benefit from important risk management principles and practices to improve the probability will provide the opportunity for more people to take advantage of this workshop and learn important risk

eliminate is caused by the same thing: uncertainty, and this uncertainty creates the opportunity for risk We create excess inventory because of uncertain demand requirements and external risk We transport more

in risk levels between treated and untreated risk. It is the objective of risk managers to establish risk treatments so that residual risk is below an organization ’s risk tolerance. The next step in establishing risk treatments is to understand the nature of the compliance risk which Risk due to aleatory uncertainty; caused by inherent randomness or natural/common variation; this risk

GRC is an acronym for: governance, risk, and compliance which originated from the management consulting prosecution, Prevent loss, and Demonstrate compliance The purpose of GRC is to provide oversight, manage risk In addition to a compliance role, companies may also have a risk management function. than buying down risk to ensure that the outcomes for decisions that have been made are achieved by value at risk.

raising concerns about the use of risk matrices. techniques, such as scenario planning, risk mapping, and probabilistic risk assessments. By discarding risk matrices and not having a replacement plan, organizations run the risk of being exposed , monitoring, and updating of risk management plans. puzzle of risk management.

Each program contributes to keeping the value chain safe from various risk including: quality risk, occupational safety risk, security risk, and so on. Rasmussen's Risk Management Framework (also known as Rasmussen's ladder) provides useful insights when with other risk objectives. has been used to better understand safety risk in dynamic, social-technical systems.

Corrective Action / Risk Assessment). When dealing with any change there are two primary sources of risk that need to be addressed: Risks implementing These risks may include: worker safety, temporary impacts on other processes (including risk controls that have been previously risk-assessed. Risks introduced by the change – these are new risks or changes to existing risks that result after the

Change can be and often is a significant source of risk for organizations. That's why managing risk resulting from change is one of the most important risk measures to introduce In highly-regulated, high-risk industries this process is called Management of Change or MOC. of any risk management program. Does it effectively manage risk due to planned changes?

The “do” part is a function of its agency and is perhaps the greatest source of risk and concern facing That’s why agency without good judgment is not desirable as it creates the opportunity for risk. AI has other risks besides its capacity to act in the world and to decide. However, Agentic AI by far poses the greatest risk to society. Some of the risk factors already exist and others are still in our future.

On the other hand, they are the gatekeepers of caution, responsible for mitigating risks and ensuring This is an important observation that applies to many other risk and compliance domains. They often involve clear and defined risks that can be analyzed and quantified. On the other, their role demands a vigilant focus on uncertainty and risk management. Management systems, driven by the left hemisphere, focus on control and risk mitigation.

compliance is "document-centric" focused on procedural conformance the use of AI poses significant risk To bring the risks into focus, let’s consider the use of Large Language Models (LLMs) used in applications Lack of operational knowledge is a huge risk. Not the Only Risk As I wrote in a previous article , AI is not an impartial observer in the classical This will help you contend with risks associated with the use of AI, along with how best to meet all