A few words of wisdom to those also involved in ERM implementations...
It is vital to emphasize the importance of the probability of an event being a function of time AND contingent factors. Many people still seem to think that a risk event once classified stays that way until it either happens or is forgotten.
Nope.
Sooner or later...everything will happen, given enough time. It stuns me how often this seems to get past people. Also, it is vital that risks be viewed in the context of the wider world. The likelihood of a supply chain disruption from China may be low from a supplier point of view, but what if suddenly there is a shortage of ships in a more profitable trade route? Capacity is withdrawn and then...you get the idea.
Risk management is something you do not do just once a quarter, groaning all the way...
