An error has occurred, please try again later. Determine the monetary value associated with each outcome. Outcomes are visible given the different scenarios envisaged and so are the paths that lead to them from the current situation, giving an organization more scope to refine and adjust plans accordingly. Scenario planning helps organizations perceive risks and opportunities more broadly, to imagine potential futures and different scenarios that might challenge their assumptions, and to spot sources of risk that may otherwise go undetected. “Predictions are not the goal,” says Ronnie Saha, a Deloitte Risk and Financial Advisory manager, Deloitte & Touche LLP. The scenario planning process poses successive questions to generate an environment in which a broad range of uncertainties can be considered. Get the Wall Street Journal $12 for 12 weeks. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Many organizations mistakenly limit wargaming to cybersecurity exercises. For a comprehensive overview of what risk management entails, check out the Risk Management course. What would happen to the organization’s market position if it launches a new product? “Scenario planning and wargaming are designed to enhance risk management by combining creativity and rigor to chart pathways that would be otherwise undiscoverable… Risk questionnaires and surveys. “Together, scenario planning and wargaming can enhance decision-making by relating specific uncertainties to the strategies, decisions, and initiatives under consideration,” she adds. Cyber teams need a break from cyber risk that never rests. Scenario planning should not be mistaken for making predictions that can be proven right or wrong. Scenario planning often occurs in a planning function sequestered from senior executives; organizations that engage senior executives in the process typically generate more useful results for influencing strategy and decision-making. It will help you prepare for the globally recognized certification as a risk manager registered with PRMIA or Professional Risk Managers International Association. Scenario planning helps the organization embrace uncertainty by developing data-driven stories about the future that can generate more informed decisions. It will help you open the doors to a lucrative career in risk management. “Wargaming tends to be most applicable when the ‘game’ is more or less understood and the goal—or ‘winning’—is fairly well defined, such as a successful product launch, price change, or crisis response,” says Andrew Blau, a managing director with Deloitte Consulting LLP. At American Airlines, technology has become a key driver of efficiency and effectiveness. Several common factors can contribute to serious regulatory actions related to anti-money-laundering—including weak governance and poorly designed compliance programs. “What if” type scenarios are often used in risk assessment and analysis to provide valuable insight into the various risks that have been identified. By considering various futures in a creative, yet rigorous, way management can not only feel more confident, but may emerge better prepared for the uncertainties and risks that lie ahead. DTTL (also referred to as "Deloitte Global") does not provide services to clients. A good risk manager should also consider risk retention and the consequences of risk retention as well. Analysis includes who might be harmed and how that may occur. Risk control includes identifying procedures for risk avoidance, loss control, risk transfer strategies and potential risk retention. Avoidance strategies include dropping hazardous products or removing potentially hazardous situations from the organization completely. The type of harm can contribute to the level of management and control required by that particular risk event. The course will teach you how to identify risks, how to analyze them and how to take corrective action to reduce and control risks. These capabilities allow organizations to think outside the box—and to see the threats and opportunities around strategic choices.
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