28 Risk Management Tools

00:01:50
https://www.youtube.com/watch?v=OE6CfNIKPqY

Summary

TLDRThe video highlights the growing demand for risk management tools due to industry regulations. These tools are designed to streamline risk assessment by providing built-in scenarios and formulas, allowing organizations to analyze various potential risks efficiently. However, the speaker warns that not all tools are suitable for every organization. It's crucial to select a tool that aligns with the specific needs and environment of the organization, as some tools may appear impressive but lack practical value. Expertise in risk methodology is essential for making informed decisions about these tools, as they significantly impact risk levels and financial investments.

Takeaways

  • 🔍 Risk management tools are increasingly required by regulations.
  • 🛠️ These tools offer built-in scenarios and formulas for efficiency.
  • 🌪️ They can analyze various risks like tornadoes and cyber threats.
  • ⚠️ Choosing the right tool is critical for your organization's needs.
  • 👨‍🏫 Expertise in risk methodology is essential for decision-making.
  • 💰 The wrong tool can lead to financial misallocations.
  • 📊 Not all impressive tools provide real value.
  • 🕵️‍♂️ Investigate thoroughly before purchasing a risk management tool.

Timeline

  • 00:00:00 - 00:01:50

    The industry is increasingly adopting risk management tools due to regulatory requirements. These tools are beneficial as they come with built-in scenarios, formulas, and surveys that streamline information gathering and allow for analysis across various risk scenarios, such as natural disasters or cyberattacks. However, it is crucial to ensure that the selected tool aligns with the specific risk methodology of the organization. Many companies have invested in impressive tools that ultimately did not suit their needs, highlighting the importance of thorough investigation before purchase. The right tool should provide real value and effectively assess the organization's risk level and associated costs.

Mind Map

Video Q&A

  • Why are more risk management tools being developed?

    The industry and regulations are requiring more risk management tools.

  • What are the benefits of using risk management tools?

    They have built-in scenarios, formulas, and surveys that reduce information gathering time.

  • What types of risks can these tools analyze?

    They can analyze various risks, including natural disasters and cyber threats.

  • What should be considered before purchasing a risk management tool?

    It's important to ensure the tool fits your specific environment and needs.

  • What is a potential pitfall when choosing a risk management tool?

    Some tools may look impressive but do not provide real value.

  • Who should help in the decision-making process for risk management tools?

    Someone knowledgeable about risk methodology should assist in the decision.

  • How can the wrong tool affect an organization?

    It can lead to incorrect risk assessments and financial misallocations.

  • What is the importance of risk management tools?

    They help determine the risk level and necessary spending to mitigate risks.

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Subtitles
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  • 00:00:00
    now the industry is getting more risk
  • 00:00:03
    management tools out there because
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    the the industry
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    is requiring it because
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    regulations are requiring it
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    so tools are
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    great for risk management because they
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    already have like built-in scenarios
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    they already have the built-in
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    formulas
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    they have they could have been built in
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    surveys that you're going to ask the
  • 00:00:27
    people
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    to submit so they reduced the time of
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    gathering information and they could run
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    the same data through different
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    scenarios
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    uh you know because we're not looking at
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    just one thing we'll you know maybe
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    there's a tornado maybe there's a fire
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    maybe we're going to get hacked into
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    there's a lot of different things can
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    happen
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    but on a personal note
  • 00:00:49
    i need to warn you about the tool that
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    you
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    purchase and put in place
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    somebody who actually knows about risk
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    methodology
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    should be making the decision or helping
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    you make the decision i've worked with
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    several companies who have bought a risk
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    management tool
  • 00:01:09
    because it was very impressive it had
  • 00:01:11
    all these formulas and they had all
  • 00:01:13
    these calculations
  • 00:01:16
    and it wasn't right for them it has to
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    be right for your environment
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    qualitative or quantitative and it has
  • 00:01:24
    to make sense there are tools out there
  • 00:01:26
    right now that i think
  • 00:01:28
    are just for show they don't actually
  • 00:01:31
    provide any value so on a personal note
  • 00:01:33
    this isn't cissp oriented before you buy
  • 00:01:36
    a tool really investigate because this
  • 00:01:39
    is important you're actually determining
  • 00:01:42
    the risk level of the organization and
  • 00:01:44
    the amount of money that you have to
  • 00:01:45
    spend to reduce this risk so this is
  • 00:01:48
    this is pretty critical
Tags
  • risk management
  • tools
  • regulations
  • risk assessment
  • methodology
  • decision making
  • natural disasters
  • cyber threats
  • financial impact
  • organizational risk