Category: Risk Management
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About this page Msc. Risk Analysis Governance Track 2023 – 2025 at UIS
On this page I will share my essays, notes, and summaries on Risk Management during my studies in Stavanger from 2023 to 2025. Join the conversation and let me know your thoughts, if the material was helpful, what’s missing, or if you’d like to add your perspective. #Sharing Is Caring!
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6 Personal Websites That Make You Want to Build Your Own
A month ago, I wrote about why everybody needs a personal website. In short, it’s a serendipity vehicle, a credibility tool, a learning accelerator, and a piece of digital real estate you own yourself. This post is the natural follow-up. Because the next question is: what should it look like? I like browsing other personal…
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Latest Frameworks for Assessing Strength of Knowledge (SoK) in Risk Analysis: Academic Insights and Practical Methods
Modern risk definitions recognise that risk isn’t just about probability and consequence; it fundamentally involves uncertainty. This uncertainty can be operationalised through probability (P) and the Strength of Knowledge (SoK) assessments. Within the industry, a risk definition including an aspect of uncertainty has generally been incorporated. ISO 31000, for example, defines risk as “the effect…
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Monte Carlo Simulation Explaind Simply
“Must have experience with Monte Carlo simulation.” I see this line often in risk management job postings. It appears in course descriptions, textbooks, and LinkedIn skill endorsements. Yet, few people actually understand what’s happening. I get it. The mathematics can look complex. But the basic concept is actually not so difficult. Building my own Monte…
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My AI Stack in 2025: Why the ‘Best’ Model Isn’t Always What You Need
A couple of weeks ago, I was chatting with Claude about European flight rewards programmes, just a conversation on how I could improve one of my existing blog posts. Twenty minutes later, I had a functional Eurobonus calculator running on my blog. The interesting part? I never asked for an app. Claude just… built one. This crystallised…
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RIS-505 2024 – Autumn Resit Exam – Explanation
This NotebookLM-generated video explains the answers to the first (Autumn) Semester resit exam of 2024.
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RIS-505 – Foundations of Risk Analysis and Risk Science – Video 2
Like I said, I am revisiting the RIS505 course material while trying out new AI tools to see how they have improved and whether they are any good at helping me study. I was really surprised by how well NotebookLM has become. It generated an excellent video. Yet, as always, AI should only be used…
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RIS-505 – Foundations of Risk Analysis and Risk Science – Video 1
I am currently retaking RIS-505 to improve my grade. So I am revisiting the course material while trying out new AI tools to see how they have improved and if they are any good at helping me study. I was really surprised by how well NotebookLM has become. It generated an excellent video. Yet, as…
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What’s On My Desk: A Windows User’s Apple Ecosystem Experience
Let’s talk tech, that’s always fun. The MacBook I recently bought a MacBook Air—my first Apple laptop. I grew up with Apple computers in the house, but I’ve always been a Windows user. I never understood why you would spend more for having fewer functionalities. But over the last two to three years, things have…
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Rethinking Risk Matrices: A Scoping Review of Probability Consequence Diagrams and Decision Framework for Diagram Selection
Two years ago, when I first started learning the academic side of risk analysis at the University of Stavanger, I discovered the gaps between academics and risk management in practice. Most of these gaps can be traced back to the way risk is defined. The risk definition, which involves multiplying probability by consequences (C×P), is…
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How to Create a Risk Matrix for Cyber Security using Python
Creating this cybersecurity risk matrix visualisation is more straightforward than it might initially appear. I’ve provided the complete Python code for generating this matrix, which uses matplotlib and numpy libraries. Install the required libraries (pip install matplotlib numpy) and run the script to generate your own cybersecurity risk assessment visualisation.
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OpenRisk – A Free Online Tool for Creating Bowtie Diagrams
Since last summer, I’ve been working with Presight on a new software tool called OpenRisk. It’s basically a web-based platform for creating bowtie diagrams, and after months of testing and improvements, we have launched. So now is the perfect time to share my thoughts on it. Quick Bowtie Refresher For those who haven’t come across…
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Frequently Asked Questions about Risk: Answers to the Most Searched Questions
My keyword research revealed questions about risk management that remain unanswered online. For some of the questions that did have answers, I didn;t fully agree with explanations I found. There where also questions to which I had no idea what the answer was, even after studying and working with safety and risk for over 10…
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My Experience Using Rayyan for Systematic Literature Reviews
For my thesis work, I’ve been using the paid version of Rayyan to conduct a scoping review of existing literature. It’s a cloud-based platform designed specifically for systematic literature reviews that helps researchers organise and manage their review process. After using the tool for several months, I thought I’d share my thoughts on its strengths…
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7 Risk Management Book Recommendations
I was looking for some new books to read and thought I would take this opportunity to put together a list of the best books on risk management. This list focuses on infotainment books—informative but also fun to read.
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How to make a Traditional Quantitative Risk Matrix from Scratch
Risk matrices are liked because of their simplicity. However, this simplicity comes at a high cost in terms of model error, potentially leading to worse-than-useless decision support. They should therefore be used and constructed with care.
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Exploring Data Analysis with R on Coursera: A Personal Review
Coursera provides a low-risk, high-quality learning environment. The free trial period offers a perfect opportunity to test the waters before committing time and resources to a full program
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Thinking Fast and Slow: Where Psychology Meets Risk Management
During my Master’s in Risk Analysis, Daniel Kahneman’s “Thinking, Fast and Slow” was on the recommended reading list. I was surprised, as it is more of a ‘popular’ book than a textbook. But I was also pleased that it was on there. It had been on my reading list for quite some time, and now…
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Visual Risk Communication: How Bowtie Diagrams Improve Understanding
Contemporary risks have become more complex, making risk communication more challenging and crucial. This complexity often involves a variety of different stakeholders with their own unique perceptions, understanding and prepositions. Therefore, it is important to employ different risk communication methods to explain these effectively.
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RIS-650 Enterprise Risk Exam 2024 Questions and Answers
My answers to the 2024 Enterprise Risk exam are in the PDF below. I got a C on it. Exam questions: Task 1: 1. How can subjective probabilities be used in enterprise risk assessments, and how does this impact the process and communication of results? 2. J.P. Hansson suggests a risk concept using (C, Pf),…