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Fundamentals of Enterprise Risk Management, 2nd Edition by John J. Hampton

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CHAPTER 8

RISK TECHNOLOGY IN 2008

RISK QUOTE: A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing.

GEORGE BERNARD SHAW, IRISH PLAYWRIGHT

RISK QUOTE: In the end, you’re measured not by how much you undertake but by what you finally accomplish.

DONALD TRUMP, BUSINESSMAN

It is one thing to recognize risk clusters. It is another thing to build a system that uses them appropriately. This was the challenge facing Riskonnect in 2008. Let’s look at what was done.

Rejection of Spreadsheets

A first step in modern risk management was to examine existing approaches. It was quite apparent that organizations had problems when they used electronic spreadsheets to manage risk.

Information Deficiency. ...

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