Pioneering the Future of Risk Management as FERMA Risk Awards 2024 Finalists RISK-ACADEMY Blog

It’s with great excitement that we announce RAW2024 and RAW@AI have been both selected as finalists for the FERMA Risk Awards 2024. This recognition not only underscores our commitment to advancing the field of risk management and risk-based decision making but also highlights the innovative strides we’re making in education and technology.

#RAW2024: Elevating Risk Education to New Heights

Nominated for the Training and Education Programme of the Year, RISK AWARENESS WEEK (RAW) has consistently broken barriers in making high-quality risk education accessible to professionals worldwide. Over the past five years, more than 15,000 participants from over 120 countries have joined us, generating over six million views on social media annually. Our virtual conference has become a cornerstone for risk managers seeking practical skills they can apply immediately.

What sets RAW apart is our focus on integrating risk management into everyday business functions and decision making. Instead of dwelling on abstract concepts, we provide hands-on workshops that focus on:

• Quantitative risk analysis on a budget: Learn simple yet effective methods without needing a large team or hefty budget.
• Leveraging AI for risk management: This year’s theme focuses on how AI can enhance risk-based decision-making.
• Decision analysis and modeling: Master tools like decision trees, simulations, and influence diagrams to make smarter choices.
• Effective risk communication: Enhance your ability to convey risk insights clearly and persuasively.

Our lineup of expert speakers included industry luminaries like Doug Hubbard, Sam Savage, Michele Wucker, Norman Marks, Grant Purdy and many others. Each brings a wealth of knowledge and practical experience to help you navigate the complexities of risk management.

We’re proud to be CPD accredited, ensuring that our content meets the highest professional development standards. Organizations like Rio Tinto, Petronas, UN agencies, and the WHO have incorporated RAW into their corporate training programs. With 93% of attendees reporting skill and career growth after participating, it’s clear that RAW is making a significant impact.

What’s new in RAW2024?

This year, we’re introducing RAW@AI, an innovative AI assistant trained on past RAW workshops, RISK-ACADEMY guides, books and publications from leading experts. Participants will have free access to this tool, enhancing their learning experience and providing real-time support.

Ask RAW@AI about this post or just talk about risk management

Our agenda includes cutting-edge topics such as:

• AI in risk governance: Crafting AI prompts for risk identification, sentiment analysis, and policy streamlining.
• AI in quantitative risk analysis: Historical data analysis, Monte Carlo simulations, and risk distribution assessments.
• AI in risk-based budgeting and decision making: Challenging assumptions, forecasting, and scenario analysis.
• AI in risk awareness and training: Designing AI chatbots for education and understanding risk behavior patterns.
• AI in risk reporting: Enhancing data visualization and generating clear reports using NLP.

By addressing common fears and reservations about quantitative risk analysis, RAW2024 aims to make advanced techniques accessible and practical for all professionals in the field.

RAW@AI: Revolutionizing Risk Management Through Technology

We’re equally thrilled that RAW@AI has been shortlisted for the Technology Innovation of the Year award. This AI-driven tool is transforming how risk managers operate by providing methodological advice and support across various platforms, including web, WhatsApp, MS Teams, and OpenAI’s GPTs.

Key features of RAW@AI

• Expert guidance: Get answers to complex questions in risk management, probability theory, and decision science.
• Risk identification: Use AI to uncover risks in decisions, contracts, or projects.
• Data analysis: Perform detailed analyses to calculate volatility, correlations, and fit distributions.
• Simulation and modeling: Conduct Monte Carlo simulations and generate stochastic information packets (SIPs).
• Enhanced communication: Improve risk messaging to ensure clarity and effectiveness.
• Policy development: Draft and refine risk management policies and frameworks.
• Training and education: Design and enhance training programs with AI support.

We’ve integrated RAW@AI into our daily operations, resulting in significant improvements in the speed and quality of risk assessments.

The integration of RAW@AI into our upcoming multi-agent model amplifies its capabilities. By simulating interactions between virtual personas like the Head of Risk, Head of Legal, and CFO, we can already perform comprehensive risk assessments that outperform traditional methods by a significant margin.

The success of RAW@AI has paved the way for developing AI assistants in other departments, including compliance, HR, IT, operations, and ESG. We’re also exploring its application in complex operational tasks like optimizing insurance pricing, mine planning, and equipment maintenance.

Acknowledging Our Community

We owe much of our success to the community of risk professionals who engage with us. Every year, we broadcast select RAW workshops publicly, fostering discussions and networking opportunities. We also offer free access to NGOs and Ukrainian refugees, and we’re proud to support charitable causes during our conference.

Publications like Strategic Risk, Risk.net, and Continuity Central have featured our workshops, extending our reach. Additionally, platforms like Forbes CIS have broadcasted select sessions, providing top-tier educational content to a broader audience.

We invite you to join us at RAW2024 and experience firsthand how we’re shaping the future of the profession. Together, let’s continue to push the boundaries and make risk management more effective, efficient, and integral to organizational success.

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