Iron Mountain’s Post

What can go wrong? 😅 It's one of the first things to consider when planning a project, and our latest video explains why addressing risks upfront is so crucial. We dive into operational risks, market volatility, and how to build a solid risk framework to keep your projects on track. Watch now: https://lnkd.in/gz83CVbp #RiskManagement #ProjectPlanning #BusinessRisk #CrisisManagement #ProjectManagement #RiskAssessment #RiskMitigation #ProjectSuccess

A worthy read for #Risk #Managers across board. Sincerely speaking, Risk Registers play a critical role in the #management of risks in any organization. Having a catalogue of the threats and opportunities within an organization's operating environment, with clearly defined and actionable initiatives to overcome or maximize their potential is still imperative. The fight against #Risk #Registers, underscores their significance. Having dynamic systems that allow real time updating of the risk registers is then the way to go as organizations shift from the manual risk registers which tend to be static. The Institute of Internal Auditors Inc. Risk-in conference African Risk Capacity (ARC) Group

risk administration is not risk management in essence, just a tool to structure to reflect about risks to manage in collaborative way. AI will replace a lot of this, enabling focus on risks in risk responses

Great piece, Elgin! I love how you sparked a discussion on risk registers. However, I think there is a crucial point that needs clarification. Risk registers are indeed valuable, but only after we've already identified, assessed, and prioritized risks using more robust risk management methods. To be honest, I think risk registers play a more administrative role than a diagnostic one. They are not where risk identification happens. Instead, that is where structured tools like scenario planning, stress testing, and Monte Carlo simulations come in – helping us visualize and assess risks before they make it to the register. And let's not forget, risk heat maps and matrices have limitations when it comes to capturing those rare but potentially catastrophic 'fat tail' risks. Relying solely on these tools can give us a false sense of security, downplaying the impact of such events. Here is the shift I am proposing: Instead of viewing them purely as ‘risk registers,’ they should evolve into ‘achievement reporting’. This reporting would document not just risks, but the actions and measures taken to address those risks in the context of achieving organizational goals. The focus moves from seeing risk register as a structured approach to identifying, assessing and mitigating risk to tracking progress on how risks have been managed and mitigated in ways that align with company objectives. Achievement reporting highlights the effectiveness of our risk management efforts, showcasing how we've minimized, managed, exploited or mitigated risks to achieve our goals. Achievement reporting helps us (individually and collectively as an enterprise to manage for success). In short, risk registers are essential, but they are not the heroes of risk management. The real heroes are the structured tools and methods we use to uncover and assess risks in the first place. Risk registers, on the other hand, should continue to serve as only: 1. Centralized repository for risk information 2. Tracking mechanism for risk status and mitigation or treatment efforts 3. Communication tool for stakeholders The sequence should remain as: 1. Use scenario planning, stress testing, and monte carlo simulations etc to identify, assess, and inform the treatment of risks. 2. Document risks and treatment strategies in the risk register. 3. Track progress, update the register, and report on achievements. Thank you. #riskregister #achievementreporting #managementtools #riskidentification #riskassessment #risktreatment #decisionanalysis #qualitydecisions #managementeconomicstools #enterpriseassessment #valueadded #managedrisk #outcomes

Have you already discovered our 2024 Global Risk Landscape Report? It unravels how an antifragile business mindset can help you turn risk and disruption into a competitive advantage. Find out more:

You Can't Control Market Timing, But You Can Control Risk The truth is, timing the market can be unpredictable, and trying to catch the exact top or bottom can lead to frustration. However, one thing we always have control over is risk management. 📊 By focusing on position sizing and limiting losses, we protect our capital and stay in the game, ready for when the right opportunities arise. Keeping losses small ensures we don't get wiped out while waiting for favorable conditions. It’s all about patience, discipline, and executing a sound strategy—staying prepared rather than chasing the market. How do you manage risk in your trading or investments? #RiskManagement #TradingDiscipline #CapitalPreservation #MarketTiming #PatiencePaysOff #SwingTrading #FinancialIndependence

Navigate the international landscape with confidence! Click below to see how Rainmaker Consulting can help you achieve successful international expansion with a rock-solid ERM strategy! https://lnkd.in/ghD8-67r 𝗦𝗲𝘁𝘁𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝘀𝗶𝗴𝗵𝘁𝘀 𝗼𝗻 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗲𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻? Smart move! But before you pack your metaphorical bags, let's talk risk management. International markets are a treasure trove of opportunity, but political unrest, currency fluctuations, and cultural misunderstandings can turn your expansion into a nightmare. That's where Effective Risk Management (ERM) comes in! This Rainmaker Consulting article unpacks 7 key elements for a watertight ERM strategy. Learn how to identify risks, assign ownership, and build a central risk response system. #internationalbusiness #riskmanagement #businessgrowth #ERM

It is very interesting to listen to Howard Marks' opinion on how to think about risk. He claims that risk is the ultimate test of an investor's skill. For the sake of argument, he assumes the market goes up 10% and down 10%, and he creates certain investment scenarios that may respond to these changes. He defines successful risk management as achieving a return equal to the market when it rises 10%, but reducing losses by at least 0.5% less than the market when it declines 10%. He calls the accomplishment of minimizing losses during market downturns a hallmark of successful risk management. Here is the short clip: https://lnkd.in/gXzNPQJe. Opinions are welcome! #RiskManagement #InvestmentStrategy #MarketRisk #InvestorSkill Oaktree Capital. (2023, June 12). Howard Marks | The Rewind - The Illusion of Knowledge [Video]. YouTube. https://lnkd.in/gKNJzTmQ

Quite a timely critique! My considered view is that the only flipside is the limitation that arises from a fixated approach on risk registers. A regularly updated register that includes horizon scanning and futuristic consideration is a highly useful and beneficial tool whose quintessential significance can never be gainsaid.

There is need to strike a balance between the traditional risk management tools like the risk register and evolving tech-driven solutions to keep up with the changing risk landscape. Each tools serves a purposes depending on the circumstance at hand.