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

A classic question for all CEOs and floor sweepers alike.  What the heck do we do and what do we want to do?  In big business there is visioning, missioning, goal setting, target measuring, market analysis, focus groups, policy and much much more, more and more.  In small business, we offer far more than we would like to do, but in order to make ends meet, we take on more and more until we finally burn out or are lucky enough to realise a cash flow that will enable us to niche or focus on what we do and what we want to do.

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Guest Post by Annette Davison and Ian Wright Ph.D. (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Risk is the impact of uncertainty on achieving your objectives – the impact can be either positive or negative outcomes (ISO 31000). Governments have multiple objectives they have to meet – health and wellbeing, economic, environmental, ethical and so on. Each of these objectives essentially becomes a risk endpoint. The fundamental tenets of risk assessment are understanding the system (the context), understanding and assessing the risk (against your identified objectives), managing the risk and then monitoring whether the risk is actually controlled, and whether a further risk treatment needs to be applied.[1]

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

In Part 1, we looked at the two relevant dimensions for decision-making under certainty, risk, and uncertainty that form the certainty-uncertainty spectrum are:

1. Degree of certainty – It ranges from close to certainty to far from certainty.
2. Level of predictability and control – It moves from close to predictability and control to far from predictability and control.

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