Companies—in particular, in industries outside the financial sector—navigated the risk management challenges of the COVID-19 pandemic and the Ukraine conflict with varied outcomes. Some emerged strengthened and renewed, while others faltered. What strategies did...
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Never compare inherent to residual risk again
The concept of inherent risk originated in insurance where underwriters used Maximum Possible Loss (MPL) to determine the total value that could be lost in a catastrophic event. MPL considers the absolute worst-case scenario, with no controls in place, even if it’s...
Standards & Frameworks
What is risk management & why is it important?
Businesses can’t operate without risk. Economic, technological, environmental, and competitive factors introduce obstacles that companies must not only manage but overcome. According to PwC’s Global Risk Survey, organizations that embrace strategic risk...