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80-20% rule in Risk Management practice: a way out of the overwhelming syndrome

Recently a client called us in to help determine the criticality of each element (division) of their business. A qualitative and indexed approach (FMEA/PIG style) had been developed, but they realized it neither yielded enough specific high quality information nor allowed sensible and informed decisions. More specifically they were stuck: Defining the appropriate level of mitigations Making sense of the thousands of sensor data and other information delivered daily from different sources. Quantifying insurance limits. The qualitative and indexed FMEA…

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Intensive Risk Management Module at the University of Turin SAA (Business School)

We just gave a Risk Management MBA course at the SAA (Business School) of the University of Turin (24hrs, intensive course) . Twenty two delegates were present from a wide spread industrial and institutional horizon including start-ups and mature entities. Letting aside obvious teaching themes related to well known methodologies (that were discussed during the course in order to expose their limitations and clarify their fields of possible application) (FMEA, NPV, ORE ), we facilitated various activities, as follows: A…

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Examples of Risk and Insurance in the Hollywood Movie Business

We were recently made aware of an interesting info graphic about Hollywood Movies Business risks by Easy Life Cover entitled “Risky Business, Insurance and Hollywood”. In Hollywood, upwards of $200 million dollars is spent on insurance policies annually. The movie business is a high risk business (high probability of insuccess and/or “failure” and high cost of consequences). Operational hiccups like stopping production can cost up to $250,000/d for a larger-budget movie and many such events can occur. Within the movie…

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Leadership, Challenger explosion, Winston Churchill and overwhelming syndrome

Thirty years ago, on January 28th, 1986, the world watched speechlessly the explosion of Challenger space shuttle, a minute or so after lift-off. Seven crew perished in the accident. Later, investigations determined that an o-ring failure in one of the rocket booster and cold weather were the root cause and ancillary factor for the explosion. An engineer working at the manufacturers of the solid rocket boosters had written a note to the company’s Vice President, in which he lamented that:…

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