Yet Another Risk Management series

In today’s rapid-paced, ever-changing economy, the topic of enterprise risk management has gained significant interest beyond the financial industry and academia. Especially with the latest buzzwords surrounding cloud security and cloud risk. Fortunately for blackhats, risk management is infantile and handled in an informal manner.

When was the last time you have attended a formal risk management meeting? Did it look like this?

 

 Or did it look like this?

 

Worse yet, there are not actuarial datasets to use. DatalossDB comes close but much works needs to be accomplished to ensure the integrity of the data is beyond reproach. Verizon’s DBIR is better than nothing, but leaves much desired to arrive at the same conclusions. To this end, I will propose a comprehensive approach to enterprise risk management based on academic and business research.

In the coming months, I look forward to constructive feedback. We shall begin exploring state-of-the-art information technology’s qualitative and quantitative risk management methodology qualities. Followed by business reasons why risk management remains in institutional neglect. Along the way, we shall have take aways from several conceptual frameworks, and explore risk management tools which have been used or could be, such as IBM OpenPages, RiskAoA, custom excel spreadsheets, and other items. Our research will draw ideals from fields not normally associated with enterprise risk management. In order to isolate important risk drivers, certain perspectives will be had, IE regulatory and political. One could say this series on risk management is to promote a greater preemptive organizational outlook. Assisting institutions to foresee and exploit a business environment’s inefficiencies and reservations. On the other hand, an evolutionary market perspective is used to articulate a novel way to uncover data in the domain of risk management. We will find there are many ways to skin a cat to produce creative solutions.