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What are the Best Practices in Risk Identification?

Source: Mash Risk Television

SimErgy Consulting LLC
Sim Segal, FSA, CERA

Runtime: 6:05

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Key Takeaways:

  1. Identify Risks by Source: Defining risks by outcome instead of by source often confuses risk scenario development and results in poor decision-making.
  2. Categorize Risks at the Same Level of Granularity: Risks can be missed or wrongly assessed if they are categorized at too high or too low a level.
  3. Define Risks Prospectively: Minimizes potential bias from recent risk occurrences embedded in the corporate consciousness.
  4. Focus Data Collection: Many companies gather too much data, too early in the process and on too many potential risks, rather than on the key risks that will advance to the quantification stage.
  5. Provide Frequency-Severity Guidance: Surveys produce poor results unless participants are scoring frequency for the same type of risk scenario and scoring severity for the same set of metrics.

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