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The Failure of Risk Management takes a close look at misused and misapplied basic analysis methods and shows how some of the most popular "risk management" methods are no better than astrology! Using examples from the 2008 credit crisis, natural disasters, outsourcing to China, engineering disasters, and more, Hubbard reveals critical flaws in risk management methods–and shows how all of these problems can be fixed. The solutions involve combinations of scientifically proven and frequently used methods from nuclear power, exploratory oil, and other areas of business and government. Finally, Hubbard explains how new forms of collaboration across all industries and government can improve risk management in every field.
Douglas W. Hubbard (Glen Ellyn, IL) is the inventor of Applied Information Economics (AIE) and the author of Wiley′s How to Measure Anything: Finding the Value of Intangibles in Business (978–0–470–11012–6), the #1 bestseller in business math on Amazon. He has applied innovative risk assessment and risk management methods in government and corporations since 1994.
"Doug Hubbard, a recognized expert among experts in the field of risk management, covers the entire spectrum of risk management in this invaluable guide. There are specific value–added take aways in each chapter that are sure to enrich all readers including IT, business management, students, and academics alike"
—Peter Julian, former chief–information officer of the New York Metro Transit Authority. President of Alliance Group consulting
"In his trademark style, Doug asks the tough questions on risk management. A must–read not only for analysts, but also for the executive who is making critical business decisions."
—Jim Franklin, VP Enterprise Performance Management and General Manager, Crystal Ball Global Business Unit, Oracle Corporation.
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Customer Reviews
I work in information risk management and I absolutely loved it this book. I found it raised a number of questions I already had in the back of my head about the effectiveness of risk management and also posed some ideas that were completely new to me.
Also, this is not a dry risk management book in any sense and is full of anecdotes and examples from Doug's work making it a very easy read.
If you enjoy this book I would also highly recommend Doug's other book "How to Measure Anything". This is the perfect accompaniment to this book as after reading this book you will want to learn more!
I would recommend this book to anyone in risk management and while the ideas put forth in the book may not be for everyone, it definitely will get you thinking about the way you assess risk.
Hubbard does an excellent job of describing the various qualitative and subjective approaches that are currently used in the risk management world and the flaws and biases that often result in their application. Before reading the book I was skeptical of his claim that some of the methods in use today (risk/heat maps to name a few) are actually worse than useless, but by the end of the book I found myself agreeing with his viewpoint given the well researched and laid out argument he puts forward.
At a time when quantitative risk models are being questioned Hubbard quite rightly points out that if the quality of data being used as inputs is of sufficient quality and over a suitable time frame then quantitative risk analysis can help rescue the current failures occurring within risk analysis.
Towards the end of the book he goes into detail on the merits and practical use of some of the methods he advocates such as Monte Carlo simulations and Bayesian analysis which provides a useful guide to practical implementation.
Overall a great read and a useful reference guide.
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