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Risk Management

Speaking in Risk Management Tongues

Abstract A critical step in building an effective risk management culture is understanding the organizational context and speaking a shared language. Driving the right response to risk events requires a common understanding of the potential consequences of outcomes and the criticality of timely response. Without a shared understanding of what is being communicated, risk response […]

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Risk Heat Map

How to Create a Risk Heatmap in Excel – Part 1

Risk heat maps are commonly used in operational risk management and are specially useful to represent a firm’s risks in a visual manner, highlighting the ones that need to be managed more closely. When assessing operational risk, the risk manager will typically use a spreadsheet to record its firm’s key risks and rate the impact and likelihood (or probability) assessment scores for […]

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