How Can Using Risk Management Make Risk Management Real?

by Sean Jackson

In the Cutter Consortium report, The State of Risk Management 2002: Hype or Reality, author Bob Charette observes that "[T]he risk management process acts to uncover areas of weakness in organizational practice, thinking, and decisionmaking." However, as the title of the report suggests, there seems to be some question as to whether risk management is just the latest in a long line of "management fads" or whether it delivers real value. In order to help ensure that risk management delivers real value, perhaps we should take our cue from M.C. Escher and try to capture the self-referentiality of this situation. Maybe our first step as risk management advocates should be to use the risk management process to help increase the probability that risk management delivers value.

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How Can Using Risk Management Make Risk Management Real? October 2002