accepting risk

Determining the Best Approach for Low Probability Risks

By Carol Williams / July 27, 2022 /

To start today’s article, I would like to share a family story from July 2021… My husband Nathan was taking our son Jackson to his first baseball game. The two of them took a “guys” trip to see a minor-league team in my former hometown about 3 hours away. On their way, they stopped at…

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8 Possible Consequences of Not Being Proactive in Risk Management

By Carol Williams / June 14, 2022 /

You don’t need to be a rocket scientist or have a crystal ball to know how chaotic today’s world is. Whether due to rising costs, supply disruptions, or some other industry-specific issue, companies across-the-board and around the world are experiencing unprecedented challenges, where the response/reaction will determine their course for the next decade or more.…

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Alternative Methods to Clarifying Risks and Opportunities

By Carol Williams / April 5, 2022 /

Have you ever asked 10 people the same question and received 10 different answers? It may seem funny in hindsight or on your favorite sitcom, but I can attest personally that it can be incredibly frustrating. In a previous article outlining the elements of a clearly articulated risk statement, I discussed how not having a…

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3 Components of an Effective Risk Statement

By Carol Williams / February 25, 2022 /

Have you ever been given an assignment at work without clear instructions? It can be dizzying to try and figure out what your first steps to be. At best, it’s disconcerting not knowing if you’re on the right track, and at worst, you don’t even know what your desired end result should be or look…

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Another Baby Step in the Qualitative to Quantitative Risk Assessment Journey

By Carol Williams / February 17, 2022 /

To achieve success either as individuals or collectively as a group, we must resist the temptation to be stagnant and always seek improvement. A previous article where I discuss how to develop a growth mindset is one example of putting this idea into action. Kaizen, a Japanese term that literally translates to “continuous improvement,” is…

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risk response

5 Risk Response Strategies You Will Have to Consider After Assessing Risks

By Carol Williams / June 28, 2021 /

We can’t control what people say to us – we can only control our response. Risk and uncertainty are much the same I suppose… The original version of the following article has been one of the most popular here at my blog.. Like other popular posts, such as this comparison of traditional risk management and…

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Risk Appetite and Risk Tolerance – Which Definitions Do You Use?

By Carol Williams / May 5, 2021 /

In follow up to our recent article on handling risks that exceed the company’s appetite, we would like to share this perspective from our friend Hans Læssøe on this complex and controversial topic. Hans’ article below describes how the world’s leading risk management standards, COSO and ISO 31000, have differing definitions on risk appetite and…

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Finding the Right Talent for Understanding Uncertainty

By Carol Williams / April 21, 2021 /

I don’t particularly like discussing the coronavirus pandemic; it seems like the topic is pretty worn out, but for organizations of all types and sizes, the pandemic and governments’ response to it over the last year blew the lid of uncertainty wide open. Now it’s not that 2020 ushered in the age of uncertainty –…

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3 Questions to Consider if Management Rejects Recommendations Due to Cost

By Carol Williams / March 3, 2021 /

Occasionally, I examine local or national events with a risk lens to see what went right and wrong, such as this example of poor vendor risk management in my local community. Doing so can help us better understand areas we may need to improve in our own organizations to avoid similar consequences. Quick Synopsis of…

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technology risk

Is Technology Risk Bigger Than “Cyber” Risk?

By Carol Williams / January 19, 2021 /

It’s not an earth-shattering thing to say that news of hacks, data breaches, and other technology hiccups has grown exponentially in recent years. Between January and September 2019, 7.9 billion records were exposed, marking a 33% increase from the same period in 2018. A few of last year’s data breaches include: An error in pharmacy…

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