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Productivity programs improve margin to contend with aleatory uncertainty (having to do with chance) It’s here that certainty programs are used to achieve compliance associated with buying-down risk that is reducible – those connected with epistemic uncertainty (lack of knowledge). Certainty programs create a second wing that truly balances corporate activities to keep businesses flying

Does your improvement process properly contend with uncertainty and risk? However, what makes the process proactive is the identification and assessment of uncertainty (the root Risk-based continuous improvement proactively contends with uncertainty and its effects on goal-directed It is triggered not by the presence of a problem but by the presence of uncertainty. It is applied to each process affected by uncertainty along with the processes that anticipate, assess

They are operating at the edge of uncertainty; one violation, one injury, one defect, or one mishap away Instead of operating at the edge of uncertainty, ethical and forward-thinking organizations operate in enabler of compliance outcomes, proactivity, and holistic improvements triggered by the presence of uncertainty

Welcome to the world of risk management, where narrow definitions often create blind spots and uncertainty TRM would act as an umbrella, encompassing all potential sources of uncertainty that can impact an organization's 31000 from my perspective, recognizes what is well known to many in high-risk industries which is that uncertainty Uncertainty creates the opportunity for risk independent of its effects. risk-based regulations mandate this approach and further define its natures: aleatory and epistemic uncertainty

Translating Uncertainty The value chain is responsible for creating value in the eyes of a company’s stakeholders and it does so in the presence of uncertainty. Margins are necessary to mitigate the effects of aleatory (i.e. irreducible) uncertainty. result any gains in financial margins will be lost (and often more) to address the disruption when uncertainty You might say that since every process operates in the presence of uncertainty, LEAN practitioners should

The Game of Snakes and Ladders Risk as we now understand it is a manifestation of uncertainty which has The presence of uncertainty affects everything. All snakes contribute to the uncertainty of winning the game. of uncertainty on mission objectives. However, there were organizational hazards, uncertainties, and associated risk.

Risk Theory: Navigating Compliance in Uncertain Waters Risk Theory acknowledges that compliance is not It recognizes that businesses must be resilient and adaptable in the face of uncertainty and risk. risk measures to improve the probability that compliance outcomes will be achieved in the presence of uncertainty Applying them can help navigate uncertainty, build trust, streamline processes, and achieve compliance

of AI Governance: Governance must balance two types of terrains: order (predictability) and chaos (uncertainty safety and security protocols) and lampposts (e.g., transparency and fairness measures) to navigate uncertainty This requires more than reactive compliance; it demands proactive governance methods tailored to the uncertainties

Know how to estimate uncertainty, identify risk, build a risk register, use a bow-tie analysis (or further elaboration for those who want to master risk management: Further development of the role that uncertainty This requires a more thorough discussion on the nature of uncertainty, cause/effect models, and working Worked examples or exercises would be beneficial with respect to developing risk plans, estimating uncertainties

When life is uncertain we are blind to what may lie ahead. Compliance needs to contend first with epistemic uncertainty. Estimating the uncertainty of keeping all your promises (operational risk) associated with each obligation This is a form of aleatory uncertainty which is irreducible.

Decision makers today are often faced with making decisions that cross multiple dimensions and where uncertainty managed quality, safety, environmental or regulatory programs all of which involve contending with uncertainty "When faced with a set of uncertainties which cover a range of future states, some of which are unfavourable , then the uncertainties constitute a hazard. Hazards extend beyond the physical and include any condition where uncertainty may result in unfavorable

Uncertainty is the root cause of all risk - negative and positive. 4. Risk-adjusted plans improve the probability of success in the presence of uncertainty not in spite of