Clouds of Vagueness
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COSO on risk appetite – reaching for the ideal
COSO have also issued guidance on the ‘risk appetite’ to go along with that of the IRM and other authorities. I think it’s a good example of how risk appetite would be dealt with in an ideal world. By this I mean a world with two characteristics: you could decide how much risk you wanted to dial […]
Featured Posts
I was encouraged by Matthew Leitch’s taxonomy of bad behaviour to drag up a list of bad arguments I pulled together for a book that didn’t get published some time ago. I thought it might contribute to the risk culture debate. The abortive book was on climate risk and now I look back I see that the discussion was unsurprisingly climate-focussed. […]
I promised to review the Infrastructure Risk Group report on Managing Cost Risk & Uncertainty In Infrastructure Projects, a report which was launched last month at the ICE with the sponsorship of the IRM. The report is a result of work undertaken as part of the Infrastructure UK investigation of the high cost of infrastructure projects. […]
I’ve been doing some much-needed professional development by finally getting properly up to speed on NEC3. This is what was formerly known as the New Engineering Contract – like BAA the letters don’t stand for anything anymore – which was designed to simplify the way construction projects were commissioned and managed. NEC3 is the most […]
Matthew Leitch asked me to summarise my last two posts about risk definitions. I said it would take 5 minutes, but as I scoped it out I realised that a lot was involved to provide a proper explanation. Eventually I developed Prezi presentation with a voiceover to cover the explanations. It’s very boring so I’m […]
This is the second post on risk definitions in the context of risk management standards. Here we are moving on to risk governance, the outer level of the three risk management processes I proposed some time ago. In that previous work I suggested there should be three main components of a risk policy, the document […]
Updates
- Here are the latest IRM North West meeting materials and including the details of the meeting on 11 April on Adapting to the Global Risk Landscape. #
Welcome to Clouds of Vagueness
Inspired by Ken Arrow's famous quotation, "our knowledge of the way things work, in society or in nature, comes trailing clouds of vagueness," this site is dedicated to improving how we approach organisational risk management.
It contains articles and critical reviews which are intended to show where we are falling short and how we can improve things.
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