Follow-up of “The Fantods of Risk: Essays on Risk Management” Part 2

Riskipedia


by Rick Nason, PhD, CFA
Partner, RSD Solutions Inc.

In a previous blog I reviewed H. Felix Kloman’s book “Fantods of Risk:  Essays on Risk Management”, published by Seawrack Press, 2008.  The Amazon link is http://www.amazon.com/Fantods-Risk-H-Felix-Kloman/dp/1436302269/ref=sr_1_1?ie=UTF8&s=books&qid=1276378958&sr=8-1

As a follow-up to my review, I thought I would post a couple of thoughts that Kloman’s book produced in my own little brain.  I hope you find these blogs interesting so that you will be inspired to go get Kloman’s book.  The field of risk management needs more people to know about Felix Kloman, his writing and his books.

Does your organization have a Riskipedia?  What the heck is a “Riskipedia”?  Well Kloman has hit upon the idea of a Riskipedia as a resource and mechanism for all employees (and perhaps stakeholders) of an organization to input their views on risk assessment in the organization.

Such a transparent self-analysis and reporting of risk assessments would definitely increase the transparency and relevance of risk monitoring in the organization.  It would also dramatically help develop a risk culture within an organization. 

The idea of a Riskipedia has some other precedents.  For instance McKinsey (as well as other consulting companies) go to great lengths to create a database of consulting projects that future consultants can use as learning templates as they develop ideas for similar situations and assignments.  Having such a database greatly aids in efficiency and institutionalizes and synergizes knowledge.  (Great Scott!  That last sentence sounds like something out of one of my MBA classes – sorry about that.)

How would your organization use a Riskipedia?  Would it be useful?  Would it be allowed?  (Is transparency something your organizations talks about but rarely practices?)  Who would be the most frequent users and / or contributors?  Would its use increase or decrease with time?  Would it make the organization less risky?  (Whatever that means.)  Fun questions and a neat idea.