Although risk identification is a fundamental tenet of ISO 31000, from the GFC to Brexit traditional methods have spectacularly failed. Neural Network mapping is the first real technique to actually identify risk drivers and their outcomes.
Enterprise Compliance Today
Probably one of the most recognized but least understood disruptive technologies for Risk Management in the 2020’s is Big Data.
ISO31000:2018 stresses the need for risk management to be integrated into operational functionality and decision making, but little has be written on how to actually achieve this. Scenario Analysis is not a modern technology but how you can provide operational management with risk based decision marking collateral.
The 2009 release of ISO 31000 was the first step across the threshold into 21st century risk management. Unfortunately the industry that has developed around it has firmly grabbed the doorway and won’t let go. Although the latest revisions make references to decision making and integration into functional purpose, it totally misses the point of risk management, which is to assist navigating a complex world.