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What Are You Managing Towards? (And On Disproving Risk Management)

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2008-06-03 14:41:11 by Alex in RiskAnalys.is
First, Id like to thank Steve McCalmont for including FAIR in his excellent article in the May 2008 ISSA Journal, Streamlining the Risk Management Process. Three quick things to anyone who has read it and is visiting our blog for the first time We dont believe that the goal of Quantitative Risk Analysis is to be precise. We believe the goal is...
 
Tags: management, risk management, term risk management, management focuses, management approach, risk management process, patch management, cost management, upper management
 
 
 
 
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Risk Preferences in Chimpanzees and Bonobos

2008-04-17 06:20:51 by schneier in Schneier on Security
 
I've already written about prospect theory, which explains how people approach risk. People tend to be risk averse when it comes to gains, and risk seeking when it comes to losses: Evolutionarily, presumably it is a better survival strategy to -- all other things being equal, of course -- accept small gains rather than risking them for larger...
 
Tags: risk preferences, risk, relative risk preferences, risk-prone behaviour, approach, people approach risk, people, losses, risk larger losses
 
 
 
 
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Risk Management and Analysis Standards Update

2008-06-17 16:51:27 by Alex in RiskAnalys.is
 
Were kind of having a big day today. Three things are going on that I wanted to update you on. A webinar reminder/update, a standards announcement concerning FAIR and Risk Management, and RMI has a new website CISCO WEBINAR UPDATE First, Jacks Webinar with Cisco is Thursday . If you were lucky enough to get a slot, be sure to catch it. If you...
 
Tags: risk management, risk management departments, risk management effort, standards, risk, risk management efforts, risk management issues, security standards, risk management standards
 
 
 
 
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Do you use Bloomberg for Risk Measurement?

2006-08-07 03:41:00 by Jomni in Risk Management Quant
 
Bloomberg is holding a Market Risk Seminar this month. But before the details, here are my comments I've attended Bloomberg seminars before and there is usually a sales pitch somewhere. Looking at the event's lineup of speakers, 4 out of 5 speakers are from Bloomberg (an Algo risk solution is embedded in Bloomberg). Although the topics may...
 
Tags: bloomberg, bloomberg users, trust bloomberg, bloomberg seminar, bloomberg seminars, bloomberg functionalities, details, seminar details, seminar
 
 
 
 
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Is Risk Management a People Problem?

2008-03-10 15:45:47 by Alex in RiskAnalys.is
 
In todays post, Im going to link you to a blog post by someone who used the phrase Security is a People Problem. I hesitate to do so, because some people might think that Im going to write an aha, youre wrong and Im smart article here. Thats not my intention. Its just that the author used the phrase in a sense that I agree with but it made me...
 
Tags: risk management, risk, people, risk management issue, impacts people, security, security technology, risk tolerance, people lessons
 
 
 
 
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Making Risk Measures Agree with Accounting 100%

2006-12-26 05:27:00 by Jomni in Risk Management Quant
 
In my consulting experience, there are clients that use risk software to compliment financial reporting (accounting). Instead of being used solely by the risk department, even financial controllers use it. This is due to the current trend of making financial reporting reflective of the firm's economic value based on the risks it is taking ( IAS...
 
Tags: risk, risk software, software, risk measurement, values, exact market values, exact, exact cent, cent
 
 
 
 
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IT Risk Management

2008-03-28 13:09:26 by Marc Othersen in Security & Risk Management
 
IT risk management is a nebulous topic at best. There are many different ideas as to what risk means and how it should to be applied within an IT organization. In an effort to bring some consistency and clarity to this discipline, Forrester is developing an IT risk management framework. Once developed, the framework will help IT organizations...
 
Tags: risk management, risk, risk management framework, risk events, major risk, risk assessment, key risk indicators, framework, risk response
 
 
 
 
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Communicating about risk - part 2

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2008-05-20 16:22:24 by JonesJ in RiskAnalys.is
The trouble with likelihood Its common to see charts similar to the one below used to communicate risk. On one axis we have Impact, and on the other we have Likelihood. Well save a discussion regarding Impact for another post, but in this post Id like to point out a couple of subtle but important limitations with the term likelihood Likelihood...
 
Tags: risk, managements risk tolerance, enterprise risk tolerance, risk tolerance, likelihood, risk analysis, likelihood connotes, lines, likelihood statement refer
 
 
 
 
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Risk Management Lessons from the Mortgage Meltdown

2007-12-14 16:54:17 by Chris McClean in Security & Risk Management
 
Great article this morning in the Wall Street Journal about Goldman Sachs performance during the credit meltdown. The company has expectations of record income this year, while competitors are faltering left and right There are three important issues in this story and in the sub-prime crisis in general that all good risk management...
 
Tags: risk, risk exposure, risk management decisions, intelligent risk, risk-savvy media, risk management professionals, goldman sachs, goldman sachs performance, risk management information
 
 
 
 
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Communicating about risk - part 1

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2008-05-05 18:12:14 by JonesJ in RiskAnalys.is
In his comments a couple of weeks ago, Walter brought up an important point. Paraphrased, he pointed out that misrepresenting the precision of an analysis is a bad thing. He also pointed out that this isnt so much a problem with the analysis model (although its more likely to occur with a quantitative model), but rather tends to be a problem...
 
Tags: risk, effective, cost-effective risk management, fragile condition exists, condition, unstable condition, risk qualifiers, risk condition, risk chart perspective