The Failure of Risk Management: Why It's Broken and How to Fix It [Hardback]

Description: A practical guide to adopting an accurate risk analysis methodology The Failure of Risk Management provides effective solutionstosignificantfaults in current risk analysis methods. Conventional approaches to managing risk lack accurate quantitative analysis methods, yielding strategies that can actually make things worse. Many widely used methods have no systems to measure performance, resulting in inaccurate selection and ineffective application of risk management strategies. These fundamental flaws propagate unrealistic perceptions of risk in business, government, and the general public. This book provides expert examination of essential areas of risk management, including risk assessment and evaluation methods, risk mitigation strategies, common errors in quantitative models, and more. Guidance on topics such as probability modelling and empirical inputs emphasizes the efficacy of appropriate risk methodology in practical applications. Recognized as a leader in the field of risk management, author Douglas W. Hubbard combines science-based analysis with real-world examples to present a detailed investigation of risk management practices. This revised and updated second edition includes updated data sets and checklists, expanded coverage of innovative statistical methods, and new cases of current risk management issues such as data breaches and natural disasters. * Identify deficiencies in your current risk management strategy and take appropriate corrective measures * Adopt a calibrated approach to risk analysis using up-to-date statistical tools * Employ accurate quantitative risk analysis and modelling methods * Keep pace with new developments in the rapidly expanding risk analysis industry Risk analysis is a vital component of government policy, public safety, banking and finance, and many other public and private institutions. The Failure of Risk Management: Why It's Broken and How to Fix It is a valuable resource for business leaders, policy makers, managers, consultants, and practitioners across industries. Douglas W. Hubbard is the inventor of Applied Information Economics (AIE). His methodology has earned him critical praise from The Gartner Group, Giga Information Group and Forrester Research. Doug is an internationally recognized expert in the field of IT value and is a popular speaker at numerous conferences. His published articles are in Information Week, CIO Enterprise, and DBMS Magazine. His AIE method has been applied to dozens of large Fortune 500 IT investments, military logistics, venture capital, aerospace, and environmental issues. About the Author Acknowledgments Preface Part One An Introduction To The Crisis Chapter 1 Healthy Skepticism for Risk Management Chapter 2 A Summary of the Current State of Risk Management Chapter 3 How Do We Know What Works? Chapter 4 Getting Started: A Simple Straw Man Quantitative Model Part Two Why It's Broken Chapter 5 The "Four Horsemen" of Risk Management: Some (Mostly) Sincere Attempts to Prevent an Apocalypse Chapter 6 An Ivory Tower of Babel: Fixing the Confusion about Risk Chapter 7 The Limits of Expert Knowledge: Why We Don't Know What We Think We Know about Uncertainty Chapter 8 Worse Than Useless: The Most Popular Risk Assessment Method and Why It Doesn't Work Chapter 9 Bears vs. Swans and Other Obstacles to Improved Risk Management Chapter 10 Where Even the Quants Go Wrong: Common and Fundamental Errors in Quantitative Models Part Three How to Fix It Chapter 11 Starting with What Works Chapter 12 Improving the Model Chapter 13 The Risk Community: Intra- and Extra-organizational Issues of Risk Management Appendix Calibration Tests and Answers Index

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