Magazine article Risk Management

Learning the Ropes

Magazine article Risk Management

Learning the Ropes

Article excerpt

When I first started writing about risk management back in 2002, I was often confused. Much to my surprise, a lot of the things I had always assumed that any successful company would naturally have to do to just remain in business--let alone become a thriving Fortune 500 firm--were not commonplace. Companies were obviously aware of most of the significant risks they faced, but it seemed strange, and a little bit scary, that so many appeared to be using little more than ad hoc methods to safeguard core operations. I was ignorant, and they were obviously doing something right, but it felt like the equivalent of finding out that NASA was still measuring the re-entry pitch of the Space Shuttle with a slide-rule. Sure, it might be working, but isn't there a better way?

By the time 2008 rolled around, it started to seem obvious that, yeah, there is a better way. There had been altogether too many major corporate catastrophes to presume that the status quo would suffice any longer. …

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