A lot of risk management activity rightly goes into the prediction phase. Activities such as developing risk registers, building risk maps, creating scenario analysis and calculating sensitivity analysis. Trying to assess what might happen is a key component of risk management. What is often missed however in the prediction phase is the understanding, or the
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We have written before about the importance of empathy in risk management, but in this installment, we want to talk about risk empathy, which is quite different. Risk empathy is the practice of the risk manager designing the risk management practices of the organization with empathy towards those workers and volunteers who need to implement
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This is a simple question: are you solving yesterday’s problems or creating tomorrow’s opportunities? Yet, observing life around me during the Covid19 crisis reminds me of this question. Often the difference between an idea that solves yesterday’s problems and one that creates tomorrow’s opportunities is very subtle. These are the ideas that may become innovations and
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I like strawberry ice cream, jalapenos, and single malts, but what the heck do they have to do with integrated risk management? The answer is that just as your flavors need to be integrated, so does your risk management. While no one would ever think of combining strawberry ice cream, jalapenos, and single malt scotch
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Nonprofit leaders and management teams have to deal with uncertainty and complexity on a daily basis. Following risk management notes are prepared to help nonprofit leaders. Organizational insight on risk management We should stop talking about risk-taking and its importance for innovation. This assumes if we encourage people to take risks, innovation magically happens. Yet,
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All Nonprofit Board members know the classic risk treatments: eliminate, mitigate, ignore. But is that all? The answer is an emphatic NO!. In fact, it just might be that the most important risk treatment is also the most ignored or forgotten. That special risk treatment is “embrace”. Risk management is the management of future uncertainty
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Risk management is essential for the growth and sustainability of nonprofit organizations. However, risk management shall not be a burden for nonprofit leaders and charitable sector managers. The ViStA Risk Management Framework is a scientific risk management tool developed specifically for nonprofits and charities. Risk should be the servant of the objectives of a nonprofit
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What is the best risk (or risk management) tool that nonprofit organizations and charities can use? Nonprofit leaders need practical risk management tools to deal with uncertainty and risks. Risk management tools are also useful to benefit from the opportunities. Many researchers and practitioners have been looking for the magical answer for decades. Here is
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