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Learning from others: A low-cost-high-impact risk/opportunity identification technique
Brendan E Williams1, Anne S Williams2, Katherine M Williams3
1School of Business, University of Connecticut, Storrs, CT, United States.
Summary
News for risk/opportunity identification (NfROI) offers a storytelling approach to enterprise risk management. Learning from external sources helps identify emerging risks and reduce costs by complementing internal data analysis.
Area of Science:
- Risk Management
- Enterprise Risk Management (ERM)
- Information Science
Background:
- Traditional risk management often relies heavily on internal data.
- A gap exists in systematically leveraging external information for proactive risk identification.
- Enterprise Risk Management (ERM) requires a holistic view encompassing both internal and external factors.
Purpose of the Study:
- To introduce News for risk/opportunity identification (NfROI) as a tool for enhancing ERM.
- To demonstrate how NfROI utilizes storytelling to integrate external information into risk management practices.
- To highlight the benefits of learning from external sources alongside internal data.
Main Methods:
- Development of the News for risk/opportunity identification (NfROI) framework.
- Utilizing a standardized format for gleaning insights from diverse sources (JHRM, news, social media, ASHRM Exchange).
- Analysis of 3 case examples showcasing the application of NfROI.
Main Results:
- NfROI effectively integrates external information through storytelling.
- The framework provides a standardized approach to information gathering from various sources.
- Case examples demonstrate cost reduction and early identification of emerging risks.
Conclusions:
- Learning from external sources, as facilitated by NfROI, complements internal data analysis.
- NfROI supports the transition from a risk management mindset to a comprehensive ERM approach.
- The NfROI tool has implications across ERM Framework domains, bridging organizational silos and revealing opportunities.
Keywords:
enterprise risk managementhealth care risk managementinsuranceleadershipperformance improvementMore Related Videos
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