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The Failure of Risk Management: Why It's Broken and How to Fix It Hardcover – April 27, 2009
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"…shows how to identify and fix hidden problems in risk management. He uses real world examples to reveal serious problems in common quantitative and qualitiative approaches to risk analysis." (Book News, August 2009)
From the Inside Flap
The 2008 credit crisis, terrorism, Katrina, computer hackers, and air travel disasters all have something in common-the methods used to assess and manage these risks are fundamentally flawed. If risks cannot be properly evaluated, risk management itself becomes the biggest risk. The Failure of Risk Management shows you how to identify and fix these hidden problems in risk management.
Ineffective risk management methods, often touted as "best practices," are passed from company to company like a bad virus with a long incubation period: there are no early indicators of ill effects until it's too late and catastrophe strikes. Exploring why risk management fails—the failure to measure and validate methods as a whole or in part; the use of components known not to work; and not using components that are known to work—The Failure of Risk Management shows you how to measure the performance of risk management in a meaningful way, identify where risk management is broken, and fix it.
Respected expert and bestselling author Douglas Hubbard-creator of the critically praised Applied Information Economics (AIE)—uses real-world examples to reveal the serious problems in our current approaches to risk analysis. Hubbard skillfully illustrates how to use a calibrated risk analyses approach, and the many benefits that go along with it, along with checklists and practice examples to get you started.
One of the first resources to apply risk management across all industries, The Failure of Risk Management provides you with the tools you need to hit the ground running with radically better risk management solutions.
Here, you'll discover:
- The diversity of approaches to assess and mitigate risks
- Why many influential methods-both qualitative and quantitative don't work
- Why we shouldn't always trust assessments based on "experience" alone
- The fallacies that stop you from adopting better risk management methods
- How those who develop models of risks justify (in error) excluding the biggest risks
- Adding empirical science to risk management
Top customer reviews
previously I have read "how to measure anything" from Hubbard and thought that a book about measurement taught me more about risk management than risk management books. Then I read this one that put everything together in a single book. Hubbard can be "evangelistic" in promoting his approach, but he provides an exceptional overview of the risk management landscape and how it evolved over the years. He also puts his head on a block and probably offends many authors in calling the weaknesses to their approaches to risk management (and in some cases he even demonstrates the weaknesses with research findings or examples). He goes further by providing recommendations on how risk management could be tackled.
I highly recommend this book for people interested in tackling risk management, or just wanting a general overview of risk management.
I should warn that he is very single minded in promoting quantitative risk modelling, which is not suitable to complex domain issues (see the Cynefin framework). But what I do take home with me is that we are able more often to perform quantitative risk modelling than we think we can. And it is a superior way of managing risk when compared to qualitative methods (such as the infamous risk matrices)
Most recent customer reviews
- become familiar with the history of risk management
- increase general awareness of risk...Read more