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10 risk concepts to
throw on a bonfire
and how they can be replaced
Prof. Hernan Huwyler, MBA CPA
Heat maps
Use scientific probabilistic analysis
such as Monte Carlo Simulations
and decision trees
instead
1Proven mathematical flaws make
them useless and misleading
Risk reports
Improve the planning tools
developed by the business and
add follow-ups on performance
instead
2 Unnecessary reporting layers
disconnected from decision-making
Risk tolerance
Implement standard controls
embedded in policies and
contracts for future activities
instead
3 Wishful thinking about risk
expressed in generic statements
Self-assessments
Focus the assessment and the
support on decision-makers with
specific tools for each plan
instead
4 Generic questions to ask a
generic audience about their
general risk perceptions
Risk registers
Add reserves, insurance and
control costs into the planning
processes
instead
5 Siloed document not leading to
the management of risks
EMR
Use simple probabilistic tools
developed from the 40s
instead
6Jargon-based nonsenses used to
sell services by 1-day trained
consultants and auditors
Inherent risks
Assess the efficiency of current
controls by auditing
instead
7 Unrealistic scenarios which are
impossible to assess
Scoring and rating
Use tools to assess multiple
scenarios triggered by the volatility
of planning assumptions
instead
8 Arbitrary links between biased
adjectives and risks
Red, Yellow, Green
Use analytic techniques to assess
the full spectrum of risk scenarios
instead
9Colorblind-unsafe prioritization of
already made opinion-based
decisions
KRIs
Measure the performance of
plans, budgets and projects
instead
10Ratios expected to monitor how
risk factors evolve, depending on who you ask
Hernan Huwyler - 10 risk concepts to throw on the bonfire

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  • 1. 10 risk concepts to throw on a bonfire and how they can be replaced Prof. Hernan Huwyler, MBA CPA
  • 2. Heat maps Use scientific probabilistic analysis such as Monte Carlo Simulations and decision trees instead 1Proven mathematical flaws make them useless and misleading
  • 3. Risk reports Improve the planning tools developed by the business and add follow-ups on performance instead 2 Unnecessary reporting layers disconnected from decision-making
  • 4. Risk tolerance Implement standard controls embedded in policies and contracts for future activities instead 3 Wishful thinking about risk expressed in generic statements
  • 5. Self-assessments Focus the assessment and the support on decision-makers with specific tools for each plan instead 4 Generic questions to ask a generic audience about their general risk perceptions
  • 6. Risk registers Add reserves, insurance and control costs into the planning processes instead 5 Siloed document not leading to the management of risks
  • 7. EMR Use simple probabilistic tools developed from the 40s instead 6Jargon-based nonsenses used to sell services by 1-day trained consultants and auditors
  • 8. Inherent risks Assess the efficiency of current controls by auditing instead 7 Unrealistic scenarios which are impossible to assess
  • 9. Scoring and rating Use tools to assess multiple scenarios triggered by the volatility of planning assumptions instead 8 Arbitrary links between biased adjectives and risks
  • 10. Red, Yellow, Green Use analytic techniques to assess the full spectrum of risk scenarios instead 9Colorblind-unsafe prioritization of already made opinion-based decisions
  • 11. KRIs Measure the performance of plans, budgets and projects instead 10Ratios expected to monitor how risk factors evolve, depending on who you ask