It took me ages to get from Spain to Montreal but it was definitely worth it.
After some motivational kick-off presentations, Chris Mandel, Director, Sedgwick Institute, Yvette Connor, Principal and Practice Lead, Strategic Risk Advisory Services, Grant Thornton and myself had great fun discussing the digitization of risk profile.
The vexing problem of “cyber risk” actually portends the future of risk management: increasingly larger portions, and even entire risk profiles, of organizations will morph into exposures affected by the Internet, IoT, rapidly advancing technology, loss of control of personal information, big data, automation of functions and artificial intelligence. If you think cyber risk has been a challenge, you haven’t seen anything yet. Learn what you need to do to get ahead of this opportunity and meet, even exceed the expectations of stakeholders—most of whom have no clue themselves about the significant effects of these high-velocity emerging risks and their impact on performance and long-term success.
Below are my slides and if you’ve learned anything from following my blog posts I tried to make it as controversial as ever. During the presentation, I’ve made the following important points:
- digital is the new normal
- be careful making the same old mistakes:
- big difference between risk management for corporate governance and risk management for decision making
- relying on subjective risk identification is setting us up for failure
- relying on qualitative and flawed tools like heatmaps is guaranteed to lead to bad management decisions
- representing and communicating risks separately from the performance is totally missing the point
I tried to visit as many sessions as possible, just like any large conference it was a bit hit and miss, some were clearly risk management 1, others were fun and very much moving towards risk management 2. Good to see risk management in North America is on its way to risk management integration into decision making and RIMS is spearheading the change. Long way to go, but that’s fair for any country.
Loved the cocktails and dinner after the conference.
On the second day, I finally managed to meet in person many of my Linkedin friends. It was great seeing you and chatting to people who have been using quantitative risk analysis for decision making before it was sexy. Keep it up! You make sharing, publishing and doing videos on risk management worthwhile and I loved learning from you.
Separate congratulations to Marathon Petroleum for winning the 2018 ERM award of distinction and thanks for the mention during the speech.
Some great presentations from Centene Corporation and American Agricultural Ins. Co., good to see risk management used not only as corporate governance but as a true decision-making tool.
Great curry dinner and more wonderful ideas about risk management.
Day 3 – masterclass
This was by far the biggest highlight for me personally. RIMS thank you. If they do it again, make sure you participate. This is risk management 2 if there ever was one. Tried and tested methodologies by CIA.
This one-day workshop is aimed at enterprise risk managers across all industries who are required to identify and analyze risks and uncertainties associated with both time-sensitive as well as high-impact strategic decisions. Intelligence Risk comprises the information overload, inconclusive data, cognitive biases, organizational influence and intense time pressure involved in high-stakes business decisions. In such situations, traditional risk analysis methods often come up short, as demonstrated by the long list of well-publicized business debacles in both financial and non-financial sectors.
The workshop introduces participants to the Structured Analytic Techniques used in the intelligence sector, explains their purpose and mechanics, and shows participants how they work in practice through an interactive, real-world business case study. It also demonstrates how best practices in Intelligence Risk Management can foster organizational collaboration, transparency and analytic integrity, lever organizational knowledge and prevent interference from conscious and unconscious biases and internal politics.
By the way, this deserves to be a 2-3 day workshop. Jay and Steve are great facilitators and are fun to interact with. It was also amazing to see risk managers transition from RM1 to RM2.
If you’ve managed to read this far, you deserve a reward. Google this free CIA document on various amazing and very simple risk management decision making tools. Thank you RIMS for making this great event happen.
Well done, RIMS!