The Failure of Risk Management: Why It's Broken and How to Fix It

September 14, 2023
Hosted by Alex Fullick, MBCI, CBCP, CBRA, v3ITIL

[Download MP3] [itunes] [Bookmark Episode]

Guest Information

Episode Description

Risk Management - it's a really hot topic right now. I'm joined by long-time management consultant, the inventor of Applied Information Economics (AIE), and author of 'The Failure of Risk Management: Why It's Broken and How to Fix it', Douglas W Hubbard. During our chat, Douglas talks about: 1. The challenge with Risk Assessments, 2. Probability defined (not as easily defined as you think), 3. Problems with the traditional risk matrix and matrices (sure to surprise you!), 4. Analysis placebo, 5. Using information incorrectly, 6. The long definition and short definition of risk management, 7. The 4 responses to risk action...can be "...a little murky", 8. Risk neutrality, 9. Changes in risk tolerance, 10. Risk and impact, 11. Value Statistical Life (VSL), 12. Tips to chat current risk practices. Effective risk management plays an essential role in effective decision-making. By applying the insights Douglas provides, you'll find yourself (and your organization) making smarter decisions based on techniques that have shown measurable benefit. (Adapted from the back cover sleeve). Enjoy!

Preparing for the Unexpected

Thursday at 10 AM Pacific Time on VoiceAmerica Business Channel

Preparing for the Unexpected is about how people, organizations and communities plan, prepare, test, communicate and respond to sudden unplanned events such as natural and manmade disasters and crises. The show is for everyone who wants an understanding of how plans are created for individuals, organizations and communities and for anyone who wants to know what they can do in their own lives to help protect themselves from unexpected events.

There is a myth that disasters happen to others but in reality, they happen to everyone. It's just a matter of when and how well-prepared you are. The greater the level of awareness, communication and knowledge, the quicker one bounces back from adversity.

The overall aim of Preparing for the Unexpected is to reduce the suffering, effects and impacts caused as a result of disasters and unexpected life events by increasing knowledge and awareness of Business Contingency and Disaster Planning and related activities.

Alex Fullick, MBCI, CBCP, CBRA, v3ITIL

Alex Fullick is Founder and Managing Director of Stone Road Inc (StoneRoad) and has been working in the Business Continuity Management and Disaster Recovery industry for 20 years. During this time, Alex has been instrumental in developing, implementing and managing numerous initiatives, including Pandemic Planning, Policy development, large scale simulation tests, Business Continuity Plan development, Business Impact Assessments, maintenance programs and general Program and Project Management.

Alex holds his MBCI certification with the Business Continuity Institute (BCI), his CBCP with the Disaster Recovery Institute (DRI), is certified in ITIL Foundations and has a Certified Business Resiliency Auditor (CBRA) designation. He is also a member of the Advisory Board of Directors for The International Emergency Management Society (TIEMS).

He's presented at numerous conferences around the globe on various industry-related subjects including Orlando, Phoenix, Montreal, London (UK), Brisbane and Bucharest. He's authored several books including Heads in the Sand, Business Impact Analysis, Testing Business Continuity Plans and his latest Watch Your Step, which all focus on teaching individuals, organizations and communities about BCM and DR. He has also had articles published in trade publications.

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