Insurance Bureau of Canada embraces Risk Management

While still (and understandably) approaching risk from a discernibly insurance -centric perspective, it’s refreshing to see our colleagues at the Insurance Bureau of Canada embracing a more holistic approach to Risk Management.

As I wrote in a previous article, Risk Management is NOT insurance. It remains, however, a vitally important risk financing tool.  Along with other strategies, it can mitigate the negative effects of a loss by paying for many of the associated costs, and keeping you in business. Continue reading “Insurance Bureau of Canada embraces Risk Management”

Fear, trust and risk tolerance

I’ve been called to facilitate risk assessments for organizations varying from project teams to corporate boards of directors. Surprisingly, I still occasionally find the risk assessment to be the first time the key stakeholders have come together to discuss their goals and objectives in a critical way and to form a common understanding for how comfortable they are with uncertainty; what is their risk tolerance?

Continue reading “Fear, trust and risk tolerance”

Zombies, aliens, evil robots…and risk management?

Sometimes, when managing risk, we need to be creative – and have a bit of fun. Sometimes, there just isn’t enough past history to be able to analyze risk effectively – and high-impact, low-likelihood risks are a good example. But what about multiple high-impact, low-likelihood risks happening at the same time?

Clearly, a completely different approach is required.

Continue reading “Zombies, aliens, evil robots…and risk management?”

Too much risk management kills innovation

Risk Management is good, so the more risk management, the better, right?

Wrong.

The key to effective risk management is to use it intelligently, with the understanding that risk is inherent in everything we do. There can be no opportunity without risk. We have all experienced how ridiculous and frustrating it can be when faced with too much risk management.

This example might sound familiar to some: Continue reading “Too much risk management kills innovation”