Guest Post by Joseph Paris (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

In William Shakespeare’s “The Tragedy of Hamlet, Prince of Denmark” (usually referred to simply as “Hamlet”), the main character, Hamlet, uses the phrase “undiscovered country” to refer to what lies beyond the grave – the afterlife – and our lack of knowledge of it, and our fear of it.  As it is with death, so is it with “Artificial Intelligence”, or “AI”.

Simply put, AI are the sciences involved in having computers gather and evaluate information (data in context) – whether that information is stored, or is gathered in real-time, or combinations thereof – and to make decisions based on that information towards some pre-determined outcome or objective.  Each decision made leads to an experience which is archived and added to the information that is stored to help make better decisions in the future. [Read more…]

Guest Post by James Kline (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

In September 2019, the Local Government Department of the Australian State of New South Wales (NSW), issued “A New Risk Management And Internal Audit Framework” (1).  The Minister of Local Government in a forward to the framework states: “Formal risk management and internal audit is a vital part of the NSW Government’s plan to ensure that councils achieve their strategic objectives in the most efficient effective and economical manner. [Read more…]

Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Based on my years of experience, the secret to effective Project Risk Management is what I call the four cornerstones: Project Management; Earned Value Management; Risk Management; and Subcontract Management. This paper explains why. [Read more…]