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Risk Memory.

Knowledge is of no value unless you put it into practice.

Anton Chekhov

Do you know what risk events happened last year? Five years ago?

Organizational knowledge is lost when there is no permanent, accessible documented record of events.

We do it for board meetings.

We do it for tax filings.

 

But, why do so few organizations keep solid records of risk events?

Is your approach to risk always spur-of-the-moment and created from scratch?

Achieving

"Intelligent Resilience"

requires that we learn

from our past problems

and mistakes,

that we use that knowledge

to avoid similar future issues,

and that we have access to it

quickly, easily, and comprehensively

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Your
SCRM platform
needs to facilitate persistent storage and quick recall
of your organizational risk history and knowledge.

RAAD™ is your risk record.

A great challenge and threat to organizations is to not know - or worse, to have forgotten -

how to handle a risk.

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What happened?

Every risk had details:

  • Risk event type

  • Risk event date/range

  • Location

  • Severity

  • Impact areas

  • Duration

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What was the plan?

Details of the action plan associated with a risk event or a hypothetical event based on a news story or information source are a key link to elements of organizational learning - and may lead to optimized risk responses in the future.

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Who handled it?

Even when a risk event is over, it's highly useful to know who was in the response team. These are the first people to contact, if they're still with the organization. If not, then you can still read through the action plans that were created and executed.

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How well did the plan work?

Statuses, planner notes, risk information captured pre- and post-execution can help to evaluate the quality and effectiveness of the plan. This kind of qualitative information is the fuel for the engine of continuous improvement.

Market leaders are the best at managing risk.