Why risk management in SME is better than in large corporations

Couple of weeks ago I was very fortunate to host one of the roundtables during the FERMA risk seminar in Malta. I am very thankful for the opportunity because the experience of brainstorming for 45 mins with the representatives from various small and medium enterprises (SMEs) really highlighted some major problems with modern day risk…… Continue reading Why risk management in SME is better than in large corporations

Building risk culture is easier than making hot dogs

Yes, building risk culture is that easy! Before I explain, let me first clear few weird misconceptions about risk culture that have been floating around in the non-financial companies: Making decisions under uncertainty is not natural for humans Back in 1970s scientists had a breakthrough in understanding how human brain works, what influences our decisions,…… Continue reading Building risk culture is easier than making hot dogs

Gamification of Risk Management

Risk management business game 2014 In 2014 I collaborated with EY to develop Russia’s first risk management business game. It was great fun and as a result we created a pretty sophisticated business simulation. Participants were split into teams of 10, each person receiving a game card that describes their role (CEO, CFO, risk manager,…… Continue reading Gamification of Risk Management

8 best risk management books

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets Everyone wants to succeed in life. But what causes some of us to be more successful than others? Is it really down to skill and strategy; or something altogether more unpredictable? This book is the word-of-mouth sensation that will change the…… Continue reading 8 best risk management books

Can risk management even be effective?

Lately, everyone, from the government agencies to regulators to corporate board members, seem to be talking about the need for better, more effective risk management. The challenging part is that, despite the guidance provided in ISO 31000:2009, the concept of risk management effectiveness still remains vague. This article attempts to summarize the basic components of…… Continue reading Can risk management even be effective?

3 fatal mistakes most risk consultants make

Risk management in modern non-financial companies is very different compared to say 5 years ago. The level of risk management maturity, for lack of a better word, has grown significantly. As more and more companies across the globe are looking to implement robust risk management, the demand for risk management consultants is also growing. Unfortunately,…… Continue reading 3 fatal mistakes most risk consultants make

Risk management used to be a science, then it became an art, now it’s just bullsh@t

Latest views from Alex Sidorenko on how “innovation”, lack of business acumen and consultants are killing modern risk management in non-financial organisations. First there was science… Some sources suggest probability theory started in gambling and maritime insurance. In both cases the science was primarily used to help people and companies make better decision and hence make money. Risk management used…… Continue reading Risk management used to be a science, then it became an art, now it’s just bullsh@t