Saturday, May 27, 2017

Innovation of Risk is Not An Option

Recently I have been pondering a lot of my old posts and allowing them to reappear in my thinking. Essentially, I just wanted to take some time to rethink what is the "innovation of risk"? Have I answered that question? Not exactly. Instead, at this point,  I have thought that the key fact about risk is this - risk is old and stale.

Risk Management and the Internet

"The internet provides its users will valuable resources for research and analysis, and for risk management the new innovation is utilising the richness of data on the internet as a critical tool for success."

We share with you an infographic on risk management which provides interesting insight into the current trends relating to internet searches on risk management.

 

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Operational Risk Infographic

Operational risk is a topic that has seen a significant rise in the amount on "online chatter", particularly since early 2000.  Some interesting statistics are presented in this infographic on operational risk, not the least is the amount of postings on operational risk represents no more than 10% of the amount of postings on the internet for the iPod since 2000!

 

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Scenario thinking for innovation and risk

A “scenario thinker” may be able to overcome paralysis in such a situation. He or she will recognize the point beyond which the effort to work out what will happen produces diminishing returns, and will refocus sooner on a different question:
“What do we do if...?” and then: “What does this mean for what we do now?”

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Mobile thinking for risk innovation

The risk profession has not as yet really embraced the mobile device as an enabler or tool for improving risk management.  This is actually quite bizarre given that risk management is about managing risks and implementing controls to manage those risks.


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Understanding Your Customer Risks

Posting about the idea that anyone that has a customer facing business with a diverse customer set should look at risk assessing the customer base.  So what does this involve?  Essentially this involves considering the customer "factors" and using some form of statistical analysis to "grade" the customers.


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