You May Be Swimming In Risk, But Can You Measure It?
Companies begin to tackle one of the hardest jobs facing any risk manager--how to come up with a value and a relative priority for operational risks
By Russ Banham|April 01, 2006 at 07:00 PM
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It may not take a rocket scientist to solve most problems, but that isn’t necessarily the case when it comes to risk quantification. Just ask Beaumont Vance, senior risk manager at Sun Microsystems Inc. Vance has been trying to put a dollar value on operational risks, and he has found a pretty novel solution–courtesy of the National Aeronautics and Space Administration (NASA)–called expert elicitation. At NASA, the process is used to measure Space Shuttle risks; at Sun, Vance is focusing on operational risk, “trying to quantify what in the past has been unquantifiable.”
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