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We are happy to see One of the Best Online Business Analyst Courses uses Riskope definitions.
The course by Tom and Angela Hathaway ranks among the seven best business analyst courses following Webcourse World.
Business analysis aims to define a future that will allow an organization to achieve specific goals and objectives. It is therefore a fundamental business process.
We found the course to offer an excellent introduction for anyone wanting to approach the business analysis field, at any level.
It is paramount that risk analysis at any organizational level include multi-hazard risks and deliver a comprehensive upward and downward understanding of the business risk landscape. Indeed, business analysis cannot ignore risks to optimize decisions.
In order to optimize decision making, risk approaches have to be integrated and convergent, and lead to comprehensive corporate risk management (ERM). This will allow to reduce blunders and failures to a minimum.
To formally define operational, tactical, strategic risks we have to understand the tolerance criteria. Tolerance criteria determine which risks are tolerable or not from a corporate and/or societal point of view.
But there is way more that can be done using tolerance criteria. For instance, it is possible to define the risks that are:
both corporately and societally tolerable,
above the societal tolerance (intolerable), but tolerable from a corporate standpoint. These are for example risks likely to make the company lose its Social Licence to Operate.
Above both tolerances and are therefore deemed intolerable, but manageable if they could receive mitigation (for a cost) which pushes them down, below the threshold. And finally,
intolerable and unmanageable. These are the risks that cannot be pushed below tolerance in the realm of credibility (link) even in case of heavy mitigation.
Using those definitions allows to:
rationally prioritize risks within the portfolio or corporately, across various operations to optimize operational, tactical and strategic planning.
Bundle risks to compose, for example a well balanced captive,
optimize other insurance contracts and finally
rationally size-up coverages, buffers, mitigations.
Contact Riskope to learn more!