Category: Risk Management
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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),…
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Reflections on the Third Semester Risk Analysis UIS 2024
The third semester has ended, so it is time to look back and evaluate what was good, what was bad, and what was ugly about the third semester Risk Analysis, Governance track at UIS. AS-302 Arctic Safety at the UNIS It was a great experience, and I am very glad I went on this program.…
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RIS-650 Enterprise Risk Management Flashcards
Enterprise Risk Management is the only course I’m taking this third semester at UIS Risk Analysis (Governance track) with a written exam. The course literature consists of ERM fundamentals and information security. Below is an exam summary of the course literature in flashcards.
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Selecting a Risk Assessment Method for Reputational Risk Management
Reputational risk is complex and often intangible, making it challenging to identify and assess using traditional methods. This complexity necessitates risk identification techniques that can capture uncertainties and provide a comprehensive understanding of potential threats.
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Which Risk Visualisation to Use?
Introduction Risk can be visualised in different ways, each offering unique strengths depending on the decision-making context. Below are 8 risk visualisations and insights on when to use them. 1. Risk Matrix A risk matrix is one of the most common risk visualisation tools, plotting risks in a two-dimensional grid of probability vs. impact. Risks…
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How to make a Safety Bubble Diagram
In contemporary risk science, risk is seen from a broader perspective than just the likelihood and consequences of potential events. Aven 2013 introduces a new way of looking at risk that incorporates not just the probability and consequences, but also the uncertainties related to these consequences and probabilities.
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Beyond Expectations: Visualising Safety Risks in Arctic Environments
Introduction The Arctic environment presents significant challenges for risk management due to its extreme conditions and the accelerating effects of climate change. The Arctic is characterized by very low temperatures, long periods of darkness, rapidly changing weather, and unstable natural phenomena such as glaciers and avalanches (Rainville et al., 2020). Climate change in this region…
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Abstract and Presentation: Visualising Safety Risks in Arctic Environments
The Arctic environment is characterised by extreme conditions and high levels of uncertainty, creating significant safety risks for operations in the region. Risk awareness is critical for managing these safety risks, as decision-makers must be able to assess and respond to rapidly changing circumstances. In this context, effective risk visualization plays a crucial role in…
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Wrapping up AS-302 Arctic Safety on Svalbard
This will be my last week on Svalbard as for now. On Sunday I will be flying back to Stavanger via Oslo. It has been a great experience. It’s one of the few real wildernesses left on Earth. From a safety perspective, it has also been very interesting. With unpredictable weather, remoteness, extreme cold and…
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Review AS-302 Safety Management In The Arctic
I’m now halfway through my Arctic Safety course here on Svalbard, and it’s been an interesting journey so far. A lot of what we’ve been covering overlaps with things I studied during my bachelor’s in Safety and Security Management and in sociology, but looking at these concepts in the context of the Arctic environment has…
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RIS505 – Foundations of Risk Analysis and Risk Science – Exam Summary
This blog post aims to provide an overview of the key concepts and methodologies covered in the course RIS505 – Foundations of Risk Analysis and Risk Science at the University of Stavanger (UiS). The summary is divided into six chapters. Risk, probability and related concepts. Definitions of risk Definition 1: The potential for undesirable consequences…
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Safety training on Svalbard at UNIS
This week has been exciting as I participated in the mandatory safety training at the University Centre in Svalbard (UNIS). This training is essential for every student and researcher here, ensuring that we are well-prepared to handle the challenges of the Arctic environment. The training lasted a week and included various practical and theoretical sessions,…
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Flashcards RIS505 Foundations of Risk Analysis and Risk Science
Below are 67 flashcards for the course Foundations of Risk Analysis and Risk Science (RIS505). Use these flashcards and an exam summary of the course for efficient and effective studying. Did you know that there is no Norwegian word for efficient? How would you say ”’The process is effective, but can be more efficient” in…
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PDCA, What is the difference between Do and Act?
The PDCA (Plan-Do-Check-Act) or Deming cycle stands as a fundamental framework. However, a question often arises: Why do we need the Act phase when we could simply move from Check to Plan?
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GDPR Compliance and its Reflection in Risk Communication: Insights from Annual Reports
The enactment of GDPR marked a significant shift in data protection laws, aiming to enhance and standardize privacy rights and protections across the European Union. This paper examines the adjustments in risk communication practices within annual reports and assesses whether these changes align with best practices in the field. Introduction Communication forms the basis of…
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Reflecting on My First Year at UIS: Risk Analysis and Governance
I’m currently in the midst of the exams for the second semester. Meaning that the first year has almost come to a close. Time to reflect, highlighting the good, the challenging, and the unique aspects of studying Risk Analysis in Stavanger. Risk Science One of the strongest aspects of the program has been the focus…
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Podcast Episodes About Risk
In the ”In Good Company” podcast, the CEO of Shell, Wael Sawan discusses balancing strict safety protocol and innovation with Nicolai Tangen. Naval Ravikant and Tim Firres discuss different ways of looking at risks and their related assumptions. They discuss the importance of understanding and managing risk in both personal and professional contexts, offering philosophical…