Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Assumptions lead to the mother all F@!$ ups. We are overwhelmed by data and using it correctly is essential. Your customers and brands can be hurt and damaged due to bad data and AI systems that have not been thought through. This represents a new and very real challenge for businesses to address. Everything from…
ByEY
EY poses the relevant question in this thought-provoking article: When it can take only one mistake — or a perception of a mistake — for a user to stop trusting AI, how can you earn and sustain user trust? For every challenge in business is an opportunity for AI, however, organizations are holding back in…
The Operational Excellence Society is proudly hosting its latest online business educational initiative, coined the Operational Excellence Webinar series. This webinar’s thought leader is Joseph Paris from the Operational Excellence Society. Date & Time : Monday, June 24, 2019 from 9:00 AM to 11:00 AM (EDT) Lessons from Mt Stupid Webinar Abstract Experience is the hardest teacher, for…
ByTED
Phil Plait was on a Hubble Space Telescope team of astronomers who thought they may have captured the first direct photo of an exoplanet ever taken. But did the evidence actually support that? Follow along as Plait shows how science progresses — through a robust amount of making and correcting errors. “The price of doing…
ByTED
What is an algorithm? It is a method of solving problems both big and small. Though computers run algorithms constantly, humans can also solve problems with algorithms. Algorithms can be, for these reasons and more, most beneficial to an organization when it comes to problem solving, risk management, and improve its overall Operational Excellence rating. In…
McKinsey & Co means that management practices focusing on “hard” incentives, rewards, and consequences, as well as on employees’ mind-sets and values, make workplaces safer. Furthermore, that a high level of safety for all employees is important in itself, of course, and when companies fall short they expose themselves to greater liability, reputational risk, and…
