Advertisement
| challenges in making risk management decisions: Science and Decisions National Research Council, Division on Earth and Life Studies, Board on Environmental Studies and Toxicology, Committee on Improving Risk Analysis Approaches Used by the U.S. EPA, 2009-03-24 Risk assessment has become a dominant public policy tool for making choices, based on limited resources, to protect public health and the environment. It has been instrumental to the mission of the U.S. Environmental Protection Agency (EPA) as well as other federal agencies in evaluating public health concerns, informing regulatory and technological decisions, prioritizing research needs and funding, and in developing approaches for cost-benefit analysis. However, risk assessment is at a crossroads. Despite advances in the field, risk assessment faces a number of significant challenges including lengthy delays in making complex decisions; lack of data leading to significant uncertainty in risk assessments; and many chemicals in the marketplace that have not been evaluated and emerging agents requiring assessment. Science and Decisions makes practical scientific and technical recommendations to address these challenges. This book is a complement to the widely used 1983 National Academies book, Risk Assessment in the Federal Government (also known as the Red Book). The earlier book established a framework for the concepts and conduct of risk assessment that has been adopted by numerous expert committees, regulatory agencies, and public health institutions. The new book embeds these concepts within a broader framework for risk-based decision-making. Together, these are essential references for those working in the regulatory and public health fields. |
| challenges in making risk management decisions: Implementing Enterprise Risk Management John R. S. Fraser, Betty Simkins, Kristina Narvaez, 2014-10-27 Overcome ERM implementation challenges by taking cues from leading global organizations Implementing Enterprise Risk Management is a practical guide to establishing an effective ERM system by applying best practices at a granular level. Case studies of leading organizations including Mars, Statoil, LEGO, British Columbia Lottery Corporation, and Astro illustrate the real-world implementation of ERM on a macro level, while also addressing how ERM informs the response to specific incidents. Readers will learn how top companies are effectively constructing ERM systems to positively drive financial growth and manage operational and outside risk factors. By addressing the challenges of adopting ERM in large organizations with different functioning silos and well-established processes, this guide provides expert insight into fitting the new framework into cultures resistant to change. Enterprise risk management covers accidental losses as well as financial, strategic, operational, and other risks. Recent economic and financial market volatility has fueled a heightened interest in ERM, and regulators and investors have begun to scrutinize companies' risk-management policies and procedures. Implementing Enterprise Risk Management provides clear, demonstrative instruction on establishing a strong, effective system. Readers will learn to: Put the right people in the right places to build a strong ERM framework Establish an ERM system in the face of cultural, logistical, and historical challenges Create a common language and reporting system for communicating key risk indicators Create a risk-aware culture without discouraging beneficial risk-taking behaviors ERM is a complex endeavor, requiring expert planning, organization, and leadership, with the goal of steering a company's activities in a direction that minimizes the effects of risk on financial value and performance. Corporate boards are increasingly required to review and report on the adequacy of ERM in the organizations they administer, and Implementing Enterprise Risk Management offers operative guidance for creating a program that will pass muster. |
| challenges in making risk management decisions: Risk and Decision Making , 2000 |
| challenges in making risk management decisions: Supply Chain Risk George A. Zsidisin, Bob Ritchie, 2008-09-08 Risk is of fundamental importance in this era of the global economy. Supply chains must into account the uncertainty of demand. Moreover, the risk of uncertain demand can cut two ways: (1) there is the risk that unexpected demand will not be met on time, and the reverse problem (2) the risk that demand is over estimated and excessive inventory costs are incurred. There are other risks in unreliable vendors, delayed shipments, natural disasters, etc. In short, there are a host of strategic, tactical and operational risks to business supply chains. Supply Chain Risk: A Handbook of Assessment, Management, and Performance will focus on how to assess, evaluate, and control these various risks. |
| challenges in making risk management decisions: Review of the Department of Homeland Security's Approach to Risk Analysis National Research Council, Committee to Review the Department of Homeland Security's Approach to Risk Analysis, 2010-09-10 The events of September 11, 2001 changed perceptions, rearranged national priorities, and produced significant new government entities, including the U.S. Department of Homeland Security (DHS) created in 2003. While the principal mission of DHS is to lead efforts to secure the nation against those forces that wish to do harm, the department also has responsibilities in regard to preparation for and response to other hazards and disasters, such as floods, earthquakes, and other natural disasters. Whether in the context of preparedness, response or recovery from terrorism, illegal entry to the country, or natural disasters, DHS is committed to processes and methods that feature risk assessment as a critical component for making better-informed decisions. Review of the Department of Homeland Security's Approach to Risk Analysis explores how DHS is building its capabilities in risk analysis to inform decision making. The department uses risk analysis to inform decisions ranging from high-level policy choices to fine-scale protocols that guide the minute-by-minute actions of DHS employees. Although DHS is responsible for mitigating a range of threats, natural disasters, and pandemics, its risk analysis efforts are weighted heavily toward terrorism. In addition to assessing the capability of DHS risk analysis methods to support decision-making, the book evaluates the quality of the current approach to estimating risk and discusses how to improve current risk analysis procedures. Review of the Department of Homeland Security's Approach to Risk Analysis recommends that DHS continue to build its integrated risk management framework. It also suggests that the department improve the way models are developed and used and follow time-tested scientific practices, among other recommendations. |
| challenges in making risk management decisions: Perspectives on Risk, Assessment and Management Paradigms Ali G. Hessami, 2019-04-17 This book explores various paradigms of risk, domain-specific interpretation, and application requirements and practices driven by mission and safety critical to business and service entities. The chapters fall into four categories to guide the readers with a specific focus on gaining insight into discipline-specific case studies and state of practice. In an increasingly intertwined global community, understanding, evaluating, and addressing risks and rewards will pave the way for a more transparent and objective approach to benefiting from the promises of advanced technologies while maintaining awareness and control over hazards and risks. This book is conceived to inform decision-makers and practitioners of best practices across many disciplines and sectors while encouraging innovation towards a holistic approach to risk in their areas of professional practice. |
| challenges in making risk management decisions: Corporate Value of Enterprise Risk Management Sim Segal, 2011-02-11 The ultimate guide to maximizing shareholder value through ERM The first book to introduce an emerging approach synthesizing ERM and value-based management, Corporate Value of Enterprise Risk Management clarifies ERM as a strategic business management approach that enhances strategic planning and other decision-making processes. A hot topic in the wake of a series of corporate scandals as well as the financial crisis Looks at ERM as a way to deliver on the promise of balancing risk and return A practical guide for corporate Chief Risk Officers (CROs) and other business professionals seeking to successfully implement ERM ERM is here to stay. Sharing his unique insights and experiences as a recognized global thought leader in this field, author Sim Segal offers world-class guidance on how your business can successfully implement ERM to protect and increase shareholder value. |
| challenges in making risk management decisions: People Risk Management Keith Blacker, Patrick McConnell, 2015-04-03 People Risk Management provides unique depth to a topic that has garnered intense interest in recent years. Based on the latest thinking in corporate governance, behavioural economics, human resources and operational risk, people risk can be defined as the risk that people do not follow the organization's procedures, practices and/or rules, thus deviating from expected behaviour in a way that could damage the business's performance and reputation. From fraud to bad business decisions, illegal activity to lax corporate governance, people risk - often called conduct risk - presents a growing challenge in today's complex, dispersed business organizations. Framed by corporate events and challenges and including case studies from the LIBOR rate scandal, the BP oil spill, Lehman Brothers, Royal Bank of Scotland and Enron, People Risk Management provides best-practice guidance to managing risks associated with the behaviour of both employees and those outside a company. It offers practical tools, real-world examples, solutions and insights into how to implement an effective people risk management framework within an organization. |
| challenges in making risk management decisions: Risk Management Danijela Miloš Sprčić, 2014 Effective risk management is considered to be a leading competitive advantage that determines the survival and success of the company in an uncertain global environment. The global financial crisis has focused attention to the proper identification, analysis and management of key corporate risks, as inadequate risk assessment and management have been identified as one of the main causes of a failure or financial difficulties of numerous organizations worldwide. Hence, inadequate risk management has become a problem of broader social interests, resulting in different regulatory actions like Troubled Asset Relief Program, the Federal Reserve guidance, new rules from the Securities and Exchange Commission as well as in recommendations of the OECD and the European Commission on the necessary changes in the existing risk management systems. |
| challenges in making risk management decisions: The Illusion of Risk Control Gilles Motet, Corinne Bieder, 2017-08-01 This book is open access under a CC BY 4.0 license. This book explores the implications of acknowledging uncertainty and black swans for regulation of high-hazard technologies, for stakeholder acceptability of potentially hazardous activities and for risk governance. The conventional approach to risk assessment, which combines the likelihood of an event and the severity of its consequences, is poorly suited to situations where uncertainty and ambiguity are prominent features of the risk landscape. The new definition of risk used by ISO, “the effect of uncertainty on [achievement of] one’s objectives”, recognizes this paradigm change. What lessons can we draw from the management of fire hazards in Edo-era Japan? Are there situations in which increasing uncertainty allows more effective safety management? How should society address the risk of potentially planet-destroying scientific experiments? This book presents insights from leading scholars in different disciplines to challenge current risk governance and safety management practice. |
| challenges in making risk management decisions: Risk Management and Assessment Jorge Rocha, Sandra Oliveira, César Capinha, 2020-10-14 Risk analysis, risk evaluation and risk management are the three core areas in the process known as 'Risk Assessment'. Risk assessment corresponds to the joint effort of identifying and analysing potential future events, and evaluating the acceptability of risk based on the risk analysis, while considering influencing factors. In short, risk assessment analyses what can go wrong, how likely it is to happen and, if it happens, what are the potential consequences. Since risk is a multi-disciplinary domain, this book gathers contributions covering a wide spectrum of topics with regard to their theoretical background and field of application. The work is organized in the three core areas of risk assessment. |
| challenges in making risk management decisions: Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance El Bachir Boukherouaa, Mr. Ghiath Shabsigh, Khaled AlAjmi, Jose Deodoro, Aquiles Farias, Ebru S Iskender, Mr. Alin T Mirestean, Rangachary Ravikumar, 2021-10-22 This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight. |
| challenges in making risk management decisions: Future Challenges in Evaluating and Managing Sustainable Development in the Built Environment Peter S. Brandon, Patrizia Lombardi, Geoffrey Q. Shen, 2017-04-17 Future Challenges in Sustainable Development within the Built Environment stimulates and reinterprets the demands of Responsible and Sustainable Development in the Built Environment for future action and development. It examines the methods of evaluation, the use of technology, the creation of new models and the role of human factors for examining and developing the subject over the next twenty years. |
| challenges in making risk management decisions: Risk Management Handbook Federal Aviation Administration, 2012-07-03 Every day in the United States, over two million men, women, and children step onto an aircraft and place their lives in the hands of strangers. As anyone who has ever flown knows, modern flight offers unparalleled advantages in travel and freedom, but it also comes with grave responsibility and risk. For the first time in its history, the Federal Aviation Administration has put together a set of easy-to-understand guidelines and principles that will help pilots of any skill level minimize risk and maximize safety while in the air. The Risk Management Handbook offers full-color diagrams and illustrations to help students and pilots visualize the science of flight, while providing straightforward information on decision-making and the risk-management process. |
| challenges in making risk management decisions: Identifying and Managing Project Risk Tom Kendrick, 2009-02-27 Winner of the Project Management Institute’s David I. Cleland Project Management Literature Award 2010 It’s no wonder that project managers spend so much time focusing their attention on risk identification. Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. Identifying and Managing Project Risk, now updated and consistent with the very latest Project Management Body of Knowledge (PMBOK)® Guide, takes readers through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Drawing on real-world situations and hundreds of examples, the book outlines proven methods, demonstrating key ideas for project risk planning and showing how to use high-level risk assessment tools. Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management. Comprehensive and completely up-to-date, this book helps readers determine risk factors thoroughly and decisively...before a project gets derailed. |
| challenges in making risk management decisions: Risk Analysis and Management - Trends, Challenges and Emerging Issues Ales Bernatik, Chongfu Huang, Olivier Salvi, 2017-06-26 This book collects the papers presented at the 6th International Conference on Risk Analysis and Crisis Response (RACR-2017) held in Ostrava/Prague, Czech Republic, on June 5-9, 2017, organized by VSB-Technical University of Ostrava, Czech Republic. The overall theme of the sixth international conference on risk analysis and crisis response is Risk Analysis and Management – Trends, Challenges and Emerging Issues, highlighting science and technology to improve risk analysis capabilities and to optimize crisis response strategy. This book contains primarily research articles of risk issues. Underlying topics include natural hazards and major (chemical) accidents prevention, disaster risk reduction and society resilience, information and communication technologies safety and cybersecurity, modern trends in crisis management, energy and resources security, critical infrastructure, nanotechnology safety and others. All topics include aspects of multidisciplinarity and complexity of safety in education and research. The book should be valuable to professors, engineers, officials, businessmen and graduate students in risk analysis and risk management. About the book series Communications in Cybernetics, Systems Science and Engineering - Proceedings (CCSSEP) is a cross-disciplinary book series devoted to theoretical and applied research contributions, that cater to a rapidly growing worldwide interest in a cybernetic and systemic methodology with an ever-increasing capacity to deal with new challenges in a way that traditional science cannot. The series aims to become a comprehensive reference work on and guide to developments within the field and strategies required for better implementation of advances, with a view to environmental protection and sustainable social and economic development. The CCSSE series targets all working in theoretical and applied fields of cybernetics, systems science and engineering, e.g. academics, researchers and consultants, computer and information scientists, development and systems engineers, mathematicians, management cyberneticists and systemists, medical scientists, and intelligent and manufacturing engineers in industry, as well as leading decision- and policy-makers. Series editor: Jeffrey ‘Yi-Lin’ Forrest |
| challenges in making risk management decisions: Ask a Manager Alison Green, 2018-05-01 From the creator of the popular website Ask a Manager and New York’s work-advice columnist comes a witty, practical guide to 200 difficult professional conversations—featuring all-new advice! There’s a reason Alison Green has been called “the Dear Abby of the work world.” Ten years as a workplace-advice columnist have taught her that people avoid awkward conversations in the office because they simply don’t know what to say. Thankfully, Green does—and in this incredibly helpful book, she tackles the tough discussions you may need to have during your career. You’ll learn what to say when • coworkers push their work on you—then take credit for it • you accidentally trash-talk someone in an email then hit “reply all” • you’re being micromanaged—or not being managed at all • you catch a colleague in a lie • your boss seems unhappy with your work • your cubemate’s loud speakerphone is making you homicidal • you got drunk at the holiday party Praise for Ask a Manager “A must-read for anyone who works . . . [Alison Green’s] advice boils down to the idea that you should be professional (even when others are not) and that communicating in a straightforward manner with candor and kindness will get you far, no matter where you work.”—Booklist (starred review) “The author’s friendly, warm, no-nonsense writing is a pleasure to read, and her advice can be widely applied to relationships in all areas of readers’ lives. Ideal for anyone new to the job market or new to management, or anyone hoping to improve their work experience.”—Library Journal (starred review) “I am a huge fan of Alison Green’s Ask a Manager column. This book is even better. It teaches us how to deal with many of the most vexing big and little problems in our workplaces—and to do so with grace, confidence, and a sense of humor.”—Robert Sutton, Stanford professor and author of The No Asshole Rule and The Asshole Survival Guide “Ask a Manager is the ultimate playbook for navigating the traditional workforce in a diplomatic but firm way.”—Erin Lowry, author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together |
| challenges in making risk management decisions: Understanding Risk National Research Council, Division of Behavioral and Social Sciences and Education, Board on Environmental Change and Society, Committee on Risk Characterization, 1996-07-05 Understanding Risk addresses a central dilemma of risk decisionmaking in a democracy: detailed scientific and technical information is essential for making decisions, but the people who make and live with those decisions are not scientists. The key task of risk characterization is to provide needed and appropriate information to decisionmakers and the public. This important new volume illustrates that making risks understandable to the public involves much more than translating scientific knowledge. The volume also draws conclusions about what society should expect from risk characterization and offers clear guidelines and principles for informing the wide variety of risk decisions that face our increasingly technological society. Frames fundamental questions about what risk characterization means. Reviews traditional definitions and explores new conceptual and practical approaches. Explores how risk characterization should inform decisionmakers and the public. Looks at risk characterization in the context of the entire decisionmaking process. Understanding Risk discusses how risk characterization has fallen short in many recent controversial decisions. Throughout the text, examples and case studiesâ€such as planning for the long-term ecological health of the Everglades or deciding on the operation of a waste incineratorâ€bring key concepts to life. Understanding Risk will be important to anyone involved in risk issues: federal, state, and local policymakers and regulators; risk managers; scientists; industrialists; researchers; and concerned individuals. |
| challenges in making risk management decisions: Framework for environmental health risk management United States. Presidential/Congressional Commission on Risk Assessment and Risk Management, 1997 |
| challenges in making risk management decisions: Disrupting Finance Theo Lynn, John G. Mooney, Pierangelo Rosati, Mark Cummins, 2018-12-06 This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry. |
| challenges in making risk management decisions: Five Steps to Risk Assessment HSE Books, Health and Safety Executive, 2006 Offers guidance for employers and self employed people in assessing risks in the workplace. This book is suitable for firms in the commercial, service and light industrial sectors. |
| challenges in making risk management decisions: Risk Management for Success Norman Marks, 2020-10-15 Traditional risk management programs focus on managing and mitigating harms - in other words, on avoiding failure. But survey after survey tell us this approach is not convincing executives and boards that risk management is helping them achieve their objectives. They see it as a compliance exercise: something they have to do rather than want to do. Norman Marks draws on his personal experience as an executive and builds on the thinking in his previous books, including World-Class Risk Management, Risk Management in Plain English, and Making Business Sense of Technology Risk, to explain how risk management should instead focus on achieving success. This book discusses how a consideration of what might happen can enable informed and intelligent decisions from the setting of objectives and corporate strategies through the daily execution of the business. Those decisions enable the appropriate taking of risk so that the organization has an acceptable likelihood of achieving its objectives. An assessment of risk management is recommended by a majority of corporate governance codes around the globe and required by the Standards of the Institute of Internal Auditors. The book includes a comprehensive maturity model that details the attributes of the highest level of maturity envisaged in this book, as well as management surveys that can be tailored for your organization. They can be used as the basis for an assessment by management, the risk officer, or the internal audit team. |
| challenges in making risk management decisions: Surviving and Thriving in Uncertainty Frederick Funston, Stephen Wagner, 2010-06-03 A new book to help senior executives and boards get smart about risk management The ability of businesses to survive and thrive often requires unconventional thinking and calculated risk taking. The key is to make the right decisions—even under the most risky, uncertain, and turbulent conditions. In the new book, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, authors Rick Funston and Steve Wagner suggest that effective risk taking is needed in order to innovate, stay competitive, and drive value creation. Based on their combined decades of experience as practitioners, consultants, and advisors to numerous business professionals throughout the world, Funston and Wagner discuss the adoption of 10 essential and practical skills, which will improve agility, resilience, and realize benefits: Challenging basic business assumptions can help identify Black Swans and provide first-mover advantage Defining the corporate risk appetite and risk tolerances can help reduce the risk of ruin. Anticipating potential causes of failure can improve chances of survival and success through improved preparedness. Factoring in velocity and momentum can improve speed of response and recovery. Verifying sources and the reliability of information can improve insights for decision making and thus decision quality. Taking a longer-term perspective can aid in identifying the potential unintended consequences of short-term decisions. |
| challenges in making risk management decisions: Risk Assessment in the Federal Government National Research Council, Division on Earth and Life Studies, Commission on Life Sciences, Committee on the Institutional Means for Assessment of Risks to Public Health, 1983-02-01 The regulation of potentially hazardous substances has become a controversial issue. This volume evaluates past efforts to develop and use risk assessment guidelines, reviews the experience of regulatory agencies with different administrative arrangements for risk assessment, and evaluates various proposals to modify procedures. The book's conclusions and recommendations can be applied across the entire field of environmental health. |
| challenges in making risk management decisions: Sustainability and the U.S. EPA National Research Council, Policy and Global Affairs, Science and Technology for Sustainability Program, Committee on Incorporating Sustainability in the U.S. Environmental Protection Agency, 2011-09-08 Sustainability is based on a simple and long-recognized factual premise: Everything that humans require for their survival and well-being depends, directly or indirectly, on the natural environment. The environment provides the air we breathe, the water we drink, and the food we eat. Recognizing the importance of sustainability to its work, the U.S. Environmental Protection Agency (EPA) has been working to create programs and applications in a variety of areas to better incorporate sustainability into decision-making at the agency. To further strengthen the scientific basis for sustainability as it applies to human health and environmental protection, the EPA asked the National Research Council (NRC) to provide a framework for incorporating sustainability into the EPA's principles and decision-making. This framework, Sustainability and the U.S. EPA, provides recommendations for a sustainability approach that both incorporates and goes beyond an approach based on assessing and managing the risks posed by pollutants that has largely shaped environmental policy since the 1980s. Although risk-based methods have led to many successes and remain important tools, the report concludes that they are not adequate to address many of the complex problems that put current and future generations at risk, such as depletion of natural resources, climate change, and loss of biodiversity. Moreover, sophisticated tools are increasingly available to address cross-cutting, complex, and challenging issues that go beyond risk management. The report recommends that EPA formally adopt as its sustainability paradigm the widely used three pillars approach, which means considering the environmental, social, and economic impacts of an action or decision. Health should be expressly included in the social pillar. EPA should also articulate its vision for sustainability and develop a set of sustainability principles that would underlie all agency policies and programs. |
| challenges in making risk management decisions: The Fourth Industrial Revolution Klaus Schwab, 2017-01-03 World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolution, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wearable sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manufacturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individuals. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frameworks that advance progress. |
| challenges in making risk management decisions: Decision Quality Carl Spetzler, Hannah Winter, Jennifer Meyer, 2016-02-24 Add value with every decision using a simple yet powerful framework Few things are as valuable in business, and in life, as the ability to make good decisions. Can you imagine how much more rewarding your life and your business would be if every decision you made were the best it could be? Decision Quality empowers you to make the best possible choice and get more of what you truly want from every decision. Dr. Carl Spetzler is a leader in the field of decision science and has worked with organizations across industries to improve their decision-making capabilities. He and his co-authors, all experienced consultants and educators in this field, show you how to frame a problem or opportunity, create a set of attractive alternatives, identify relevant uncertain information, clarify the values that are important in the decision, apply tools of analysis, and develop buy-in among stakeholders. Their straightforward approach is elegantly simple, yet practical and powerful. It can be applied to all types of decisions. Our business and our personal lives are marked by a stream of decisions. Some are small. Some are large. Some are life-altering or strategic. How well we make those decisions truly matters. This book gives you a framework and thinking tools that will help you to improve the odds of getting more of what you value from every choice. You will learn: The six requirements for decision quality, and how to apply them The difference between a good decision and a good outcome Why a decision can only be as good as the best of the available alternatives Methods for making both significant and strategic decisions The mental traps that undermine decision quality and how to avoid them How to deal with uncertainty—a factor in every important choice How to judge the quality of a decision at the time you're making it How organizations have benefited from building quality into their decisions. Many people are satisfied with 'good enough' when making important decisions. This book provides a method that will take you and your co-workers beyond 'good enough' to true Decision Quality. |
| challenges in making risk management decisions: Managing Risk in Nonprofit Organizations Melanie L. Herman, George L. Head, Peggy M. Jackson, Toni E. Fogarty, 2004-04-12 Managing Risk in Nonprofit Organizations explains and defines risk management, especially as it applies to nonprofits. It provides comprehensive guidance on such topics as identifying risk, prioritising risk, selecting appropriate risk management techniques, implementing risk management techniques, monitoring risk management, and financing. * Includes diagrams of the risk management cycle and dimensions of risk graphic * The nature of these unique risks and the special challenges facing a nonprofit that embarks on a risk management program will also be addressed. * Written by two leaders at the Nonprofit Risk Management Center, a management assistance organization that provides informational resources, technical assistance, and training to an estimated 20,000 nonprofits annually |
| challenges in making risk management decisions: Breakthroughs in Decision Science and Risk Analysis Louis Anthony Cox, Jr., 2015-02-23 Discover recent powerful advances in the theory, methods, and applications of decision and risk analysis Focusing on modern advances and innovations in the field of decision analysis (DA), Breakthroughs in Decision Science and Risk Analysis presents theories and methods for making, improving, and learning from significant practical decisions. The book explains these new methods and important applications in an accessible and stimulating style for readers from multiple backgrounds, including psychology, economics, statistics, engineering, risk analysis, operations research, and management science. Highlighting topics not conventionally found in DA textbooks, the book illustrates genuine advances in practical decision science, including developments and trends that depart from, or break with, the standard axiomatic DA paradigm in fundamental and useful ways. The book features methods for coping with realistic decision-making challenges such as online adaptive learning algorithms, innovations in robust decision-making, and the use of a variety of models to explain available data and recommend actions. In addition, the book illustrates how these techniques can be applied to dramatically improve risk management decisions. Breakthroughs in Decision Science and Risk Analysis also includes: An emphasis on new approaches rather than only classical and traditional ideas Discussions of how decision and risk analysis can be applied to improve high-stakes policy and management decisions Coverage of the potential value and realism of decision science within applications in financial, health, safety, environmental, business, engineering, and security risk management Innovative methods for deciding what actions to take when decision problems are not completely known or described or when useful probabilities cannot be specified Recent breakthroughs in the psychology and brain science of risky decisions, mathematical foundations and techniques, and integration with learning and pattern recognition methods from computational intelligence Breakthroughs in Decision Science and Risk Analysis is an ideal reference for researchers, consultants, and practitioners in the fields of decision science, operations research, business, management science, engineering, statistics, and mathematics. The book is also an appropriate guide for managers, analysts, and decision and policy makers in the areas of finance, health and safety, environment, business, engineering, and security risk management. |
| challenges in making risk management decisions: EPA Journal , 1987 |
| challenges in making risk management decisions: Ethical and Scientific Issues in Studying the Safety of Approved Drugs Institute of Medicine, Board on Population Health and Public Health Practice, Committee on Ethical and Scientific Issues in Studying the Safety of Approved Drugs, 2012-08-30 An estimated 48 percent of the population takes at least one prescription drug in a given month. Drugs provide great benefits to society by saving or improving lives. Many drugs are also associated with side effects or adverse events, some serious and some discovered only after the drug is on the market. The discovery of new adverse events in the postmarketing setting is part of the normal natural history of approved drugs, and timely identification and warning about drug risks are central to the mission of the Food and Drug Administration (FDA). Not all risks associated with a drug are known at the time of approval, because safety data are collected from studies that involve a relatively small number of human subjects during a relatively short period. Written in response to a request by the FDA, Ethical and Scientific Issues in Studying the Safety of Approved Drugs discusses ethical and informed consent issues in conducting studies in the postmarketing setting. It evaluates the strengths and weaknesses of various approaches to generate evidence about safety questions, and makes recommendations for appropriate followup studies and randomized clinical trials. The book provides guidance to the FDA on how it should factor in different kinds of evidence in its regulatory decisions. Ethical and Scientific Issues in Studying the Safety of Approved Drugs will be of interest to the pharmaceutical industry, patient advocates, researchers, and consumer groups. |
| challenges in making risk management decisions: Issues in Insurance and Risk Management: 2013 Edition , 2013-05-01 Issues in Insurance and Risk Management / 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Risk Management. The editors have built Issues in Insurance and Risk Management: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Risk Management in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Insurance and Risk Management: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/. |
| challenges in making risk management decisions: Contemporary Challenges in Risk Management T. Andersen, Stanley Mayes, 2014-12-02 This book focuses on two central aspects of the risk managing process, namely 1. how managers (can and do) assess developments in the external risk environment and deal with them, and 2. analysing the effects of risk management and different managerial approaches. The articles represent state of the art academic analyses and research contributions. |
| challenges in making risk management decisions: Risk Management in Crisis Piotr Jedynak, Sylwia Bąk, 2021-08-19 Risk management is a domain of management which comes to the fore in crisis. This book looks at risk management under crisis conditions in the COVID-19 pandemic context. The book synthesizes existing concepts, strategies, approaches and methods of risk management and provides the results of empirical research on risk and risk management during the COVID-19 pandemic. The research outcome was based on the authors’ study on 42 enterprises of different sizes in various sectors, and these firms have either been negatively affected by COVID-19 or have thrived successfully under the new conditions of conducting business activities. The analysis looks at both the impact of the COVID-19 pandemic on the selected enterprises and the risk management measures these enterprises had taken in response to the emerging global trends. The book puts together key factors which could have determined the enterprises’ failures and successes. The final part of the book reflects on how firms can build resilience in challenging times and suggests a model for business resilience. The comparative analysis will provide useful insights into key strategic approaches of risk management. The Open Access version of this book, available at http://www.taylorfrancis.com/books/oa-mono/10.4324/9781003131366/ has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. |
| challenges in making risk management decisions: Comparative Risk Assessment and Environmental Decision Making Igor Linkov, Abou Bakr Ramadan, 2006-03-02 Decision making in environmental projects is typically a complex and confusing process characterized by trade-offs between socio-political, environmental, and economic impacts. Comparative Risk Assessment (CRA) is a methodology applied to facilitate decision making when various activities compete for limited resources. CRA has become an increasingly accepted research tool and has helped to characterize environmental profiles and priorities on the regional and national level. CRA may be considered as part of the more general but as yet quite academic field of multi-criteria decision analysis (MCDA). Considerable research in the area of MCDA has made available methods for applying scientific decision theoretical approaches to multi-criteria problems, but its applications, especially in environmental areas, are still limited. The papers show that the use of comparative risk assessment can provide the scientific basis for environmentally sound and cost-efficient policies, strategies, and solutions to our environmental challenges. |
| challenges in making risk management decisions: Managing Risk and Performance Thomas Stanton, Douglas W. Webster, 2014-02-10 Discover analytical tools and practices to help improve the quality of risk management in government organizations Federal agencies increasingly recognize the importance of active risk management to help ensure that they can carry out their missions. High impact events, once thought to occur only rarely, now occur with surprising frequency. Managing Risk in Government Agencies and Programs provides insight into the increasingly critical role of effective risk management, while offering analytical tools and promising practices that can help improve the quality of risk management in government organizations. Includes chapters that contribute to the knowledge of government executives and managers who want to establish or implement risk management, and especially Enterprise Risk Management (ERM), in their agencies Features chapters written by federal risk managers, public administration practitioners, and scholars Showing government officials how to improve their organization's risk management capabilities, Managing Risk in Government Agencies and Programs meets a growing demand from federal departments and agencies that find themselves increasingly embarrassed by risky events that raise questions about their ability to carry out their missions. |
| challenges in making risk management decisions: OECD Reviews of Regulatory Reform Risk and Regulatory Policy Improving the Governance of Risk OECD, 2010-04-09 This publication presents recent OECD papers on risk and regulatory policy. They offer measures for developing, or improving, coherent risk governance policies. |
| challenges in making risk management decisions: Effective Risk Communication Joseph Arvai, Louie Rivers III, 2013-10-30 There are two questions often asked of risk communication: what has been learned from past work, and what is needed to push the field forward? Drawing on the experience of leading risk researchers and practitioners, Effective Risk Communication focuses on answering these questions. The book draws together new examples of research and practice from contexts as diverse as energy generation, human health, nuclear waste, climate change, food choice, and social media. This book treats risk communication as much more than the interchange of risk information between experts and non-experts; rather, it aims to emphasise the diversity in viewpoints and practices. In each specially commissioned chapter, the authors reflect on the theoretical and applied underpinnings of their best projects and comment on how their approach could be used effectively by others. Building upon each other, the chapters will provoke new discussion and action around a discipline which many feel is neither meeting important needs in practice, nor living up to its potential in research. Through a more careful examination of the work already done in risk communication, the book will help develop better, more reflective practice for the future. |
| challenges in making risk management decisions: HBR Guide to Making Better Decisions Harvard Business Review, 2020-02-11 Learn how to make better; faster decisions. You make decisions every day--from prioritizing your to-do list to choosing which long-term innovation projects to pursue. But most decisions don't have a clear-cut answer, and assessing the alternatives and the risks involved can be overwhelming. You need a smarter approach to making the best choice possible. The HBR Guide to Making Better Decisions provides practical tips and advice to help you generate more-creative ideas, evaluate your alternatives fairly, and make the final call with confidence. You'll learn how to: Overcome the cognitive biases that can skew your thinking Look at problems in new ways Manage the trade-offs between options Balance data with your own judgment React appropriately when you've made a bad choice Communicate your decision--and overcome any resistance Arm yourself with the advice you need to succeed on the job, from a source you trust. Packed with how-to essentials from leading experts, the HBR Guides provide smart answers to your most pressing work challenges. |
| challenges in making risk management decisions: The Great Mental Models, Volume 1 Shane Parrish, Rhiannon Beaubien, 2024-10-15 Discover the essential thinking tools you’ve been missing with The Great Mental Models series by Shane Parrish, New York Times bestselling author and the mind behind the acclaimed Farnam Street blog and “The Knowledge Project” podcast. This first book in the series is your guide to learning the crucial thinking tools nobody ever taught you. Time and time again, great thinkers such as Charlie Munger and Warren Buffett have credited their success to mental models–representations of how something works that can scale onto other fields. Mastering a small number of mental models enables you to rapidly grasp new information, identify patterns others miss, and avoid the common mistakes that hold people back. The Great Mental Models: Volume 1, General Thinking Concepts shows you how making a few tiny changes in the way you think can deliver big results. Drawing on examples from history, business, art, and science, this book details nine of the most versatile, all-purpose mental models you can use right away to improve your decision making and productivity. This book will teach you how to: Avoid blind spots when looking at problems. Find non-obvious solutions. Anticipate and achieve desired outcomes. Play to your strengths, avoid your weaknesses, … and more. The Great Mental Models series demystifies once elusive concepts and illuminates rich knowledge that traditional education overlooks. This series is the most comprehensive and accessible guide on using mental models to better understand our world, solve problems, and gain an advantage. |
AI's energy dilemma: Challenges, opportunities, and a path forward
Jan 21, 2025 · A recently published white paper from the World Economic Forum titled Industries in the Intelligent Age - Artificial Intelligence’s Energy Paradox: Balancing Challenges and …
What are the 10 biggest global challenges? | World Economic Forum
Jan 21, 2016 · Whether it’s turning promises on climate change into action, rebuilding trust in the financial system, or connecting the world to the internet, the World Economic Forum has …
The top global health stories from 2024 | World Economic Forum
Dec 17, 2024 · Meanwhile, this article explored how AI can help healthcare systems manage increasing stress and reduce waste, but challenges remain, especially in low- and middle …
These are the biggest global risks we face in 2024 and beyond
Jan 10, 2024 · However, given the scale of the economic, political and environmental challenges the world is facing, the report concludes that, “cross-border collaboration at scale remains …
Global Risks Report 2025 | World Economic Forum
Jan 15, 2025 · The 20th edition of the Global Risks Report 2025 reveals an increasingly fractured global landscape, where escalating geopolitical, environmental, societal and technological …
3 megatrends that will shape the future of health - The World …
Jan 22, 2025 · These challenges are formidable, but we live in an era when new technology is advancing at a head-spinning pace and scale, bringing us unprecedented opportunities. In …
Global Risks Report 2025 - The World Economic Forum
Jan 15, 2025 · Amid the current challenges facing global multilateralism, there is space for regional organizations to expand their roles in managing geopolitical tensions in their regions. …
Why we need critical minerals for the energy transition | World ...
May 13, 2025 · The transition to cleaner energy has put the spotlight on critical minerals and rare earth elements. These are essential for producing the carbon-free and low-carbon …
Challenges and Opportunities in the Post-COVID-19 World
May 19, 2020 · The COVID-19 crisis has affected societies and economies around the globe and will permanently reshape our world as it continues to unfold. While the fallout from the crisis is …
Mining's next chapter: innovation, sustainability and progress
Jan 30, 2025 · To address these challenges and drive sustainable growth in the sector, innovative financing models that integrate diverse funding sources and actively involve multiple …
AI's energy dilemma: Challenges, opportunities, and a path forward
Jan 21, 2025 · A recently published white paper from the World Economic Forum titled Industries in the Intelligent Age - Artificial Intelligence’s Energy Paradox: Balancing Challenges and …
What are the 10 biggest global challenges? | World Economic Forum
Jan 21, 2016 · Whether it’s turning promises on climate change into action, rebuilding trust in the financial system, or connecting the world to the internet, the World Economic Forum has …
The top global health stories from 2024 | World Economic Forum
Dec 17, 2024 · Meanwhile, this article explored how AI can help healthcare systems manage increasing stress and reduce waste, but challenges remain, especially in low- and middle …
These are the biggest global risks we face in 2024 and beyond
Jan 10, 2024 · However, given the scale of the economic, political and environmental challenges the world is facing, the report concludes that, “cross-border collaboration at scale remains …
Global Risks Report 2025 | World Economic Forum
Jan 15, 2025 · The 20th edition of the Global Risks Report 2025 reveals an increasingly fractured global landscape, where escalating geopolitical, environmental, societal and technological …
3 megatrends that will shape the future of health - The World …
Jan 22, 2025 · These challenges are formidable, but we live in an era when new technology is advancing at a head-spinning pace and scale, bringing us unprecedented opportunities. In …
Global Risks Report 2025 - The World Economic Forum
Jan 15, 2025 · Amid the current challenges facing global multilateralism, there is space for regional organizations to expand their roles in managing geopolitical tensions in their regions. …
Why we need critical minerals for the energy transition | World ...
May 13, 2025 · The transition to cleaner energy has put the spotlight on critical minerals and rare earth elements. These are essential for producing the carbon-free and low-carbon …
Challenges and Opportunities in the Post-COVID-19 World
May 19, 2020 · The COVID-19 crisis has affected societies and economies around the globe and will permanently reshape our world as it continues to unfold. While the fallout from the crisis is …
Mining's next chapter: innovation, sustainability and progress
Jan 30, 2025 · To address these challenges and drive sustainable growth in the sector, innovative financing models that integrate diverse funding sources and actively involve multiple …
