Your Reliability Engineering Professional Development Site
Guest Post by Ed Perkins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
While we look at risk-based decisions and making decisions under uncertainty, these approaches all have one basic assumption – that the participants in these processes are doing so consciously, with eyes open and with an appreciation of the risks and consequences involved. [Read more…]
Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
It has been suggested that Stone Age man had a higher IQ than today’s modern homo sapiens.
“That cannot be,” says the modern man, but if one thinks about such an assault on our modern-day ego and self-confessed superiority, the alleged ‘primitive’ man was able to survive in extreme conditions, traveled the planet and set the foundations for today’s societies. [Read more…]
Guest Post by David Patrishkoff (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
We are living in a time of great disruption and uncertainty.
Every organization is facing great risks. Some of these risks are visible and many others are hidden.
So, it’s crucial that every company develops and implements tools to identify, mitigate and transform risks into dramatic improvements and even disruptive innovations. [Read more…]
Guest Post by Geary Sikich (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Recently I wrote an article titled “Can You Calculate the Probability of Uncertainty?” The article posited that the heavy dependence on mathematics to determine the probability of risk realization may actually create “false positives” regarding the basis for the determination of probability.
My point was that there is too much uncertainty, things that we just do not know, to be able to calculate the probability of uncertainty with any degree of confidence. I received several comments from readers telling me that I was confusing the issue and that determining the probability of risk is all about “uncertainty”.
I have to say that this gave me pause to think. And, my conclusion is that risk is all about the probability of identified certainties that carry an uncertain realization. [Read more…]
Guest Post by Geary Sikich (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Overview
The ability to effectively respond to and manage the consequences of an event in a timely manner is essential to ensure an organization’s survivability in today’s fast paced business environment. With the emergence of new threats, such as cyber-terrorism and bio-terrorism; and the increasing exposure of companies to traditional threats such as, fraud, systems failure, fire, explosions, spills, natural disasters, etc. an “integrated” approach to Business Continuity Planning is essential. [Read more…]
Guest Post by Steven Worth (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
When I was a staffer on Capitol Hill I recall hearing two different stories told quite often during debates on the Senate floor.
One was: There are three types of lies in the world—simple lies; damn lies; and then there are statistics! [Read more…]
Guest Post by Ed Perkins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Unsuspecting consumers, thinking they have found a bargain, or that they have joined the latest gadget trend, or both, can be unpleasantly surprised, according to recent revelations on how mobile and IoT (Internet of Things) devices can have built-in security issues. [Read more…]
Guest Post by Ed Perkins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
In an earlier post [1] we looked whether ‘plausible deniability’ was now a dead strategy in the face of enterprise risk management (ERM) and the likely impact of the US SEC (Securities and Exchange Commission) guidance [2] regarding disclosure obligations relating to operational and cybersecurity risks and cyber incidents. The SEC noted that “a number of disclosure requirements may impose an obligation on registrants to disclose such risks and incidents. [Read more…]
Guest Post by John Mason (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
The audit is finished, the exit meeting conducted and the audit report has hit your desk. As discussed, there should be no surprises, there should be correctly categorized findings, and specific examples.
Now you have 3, 6, 9 or 12 months in which to fix them.
If you have findings that have to be addressed within 3 months, then you have got a nonconformity or a major corrective action (of course the names are different for every certification service provider). [Read more…]
Guest Post by Paul Kostek (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
One of the keys to a successful project is having a set of requirements that are well defined and stable. We’ve all worked on projects where a lack of defined and controlled requirements has led to scope creep which result in schedule delays.
The requirements development process must also include mitigations for the risks identified in the Risk Management Plan. To accomplish this the initial risk assessment must be completed before the requirements development process begins. [Read more…]
Guest Post by Paul Kostek (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
There is an aviation old joke that in the future the airplane will have a crew of two, a pilot and a dog. The pilot to feed the dog and the dog to bite the pilot if he tries to touch anything.
I started this article after reading about United Airlines plan to bring in all 12,000 of its pilots for additional training outside of their normal training schedule. This was being done as a result of several incidents that raised concerns about pilot response to failures. [Read more…]
Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
There are many design rules of thumb I have heard over the years. For example: KISS (keep it simple stupid); make it idiot proof; be realistic with tolerances; do not make assumptions that are not realizable (zero gap for instance); and many more. The most important rule of thumb I have experienced is “common sense”. To illustrate my point, I have a few examples that are below. [Read more…]
Guest Post by Geary Sikich and Joop Remme (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
In this article we posit three questions. The first question is: “Is it a social responsibility of companies that they undertake a comprehensive risk assessment?” The second question: “Does the notion of conscience and its application to the generation and use of risk information and information in general, create an obligation for the organization to disclose the results of the comprehensive risk assessment?” The third question “How do the people in the organization communicate the information from the comprehensive risk assessment to stakeholders and yet preserve security and protect the organization?” [Read more…]
Guest Post by Geary Sikich (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Many aspects of risk management are deeply rooted in mathematical formulae for determining probability. This heavy dependence on mathematics to determine probability of risk realization may create “false positives” regarding a risk that can be either positive or negative. There is also a limitation on how much data can be gathered and assessed in respect to the development of the probability equation regarding the risk being assessed. [Read more…]
Guest Post by John Ayers (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
Some people say take what you love in college. Problem is, not too many high school seniors know what they love. Others say college should be an intellectual journey. Problem is many degrees will not prepare you for the real world in terms of making a good living. I believe college is to prepare you for a career which can support you and a family down the road. If important, intellectual studies can take place outside of work using the internet. [Read more…]
