Wednesday, April 2, 2014

Operational risk is real world risk.

UW cherry trees, in bloom during spring break 2014



 I've had a nice break between quarters at the University of Washington, and I'm anxious to get back into the classroom tomorrow.  That's the beauty of teaching different courses.  It's hard to bore yourself or the students.  I find that the real world examples I use in my courses always need to be updated because events move so quickly.

Consider the mudslide here in Washington State.  Or the KOMO-TV news helicopter crash.  Or the unprecedented General Motors recall. Or this afternoon's active shooter at Fort Hood.  Or recent earthquakes in California and Chile. And don't forget the amount of heavy lifting necessary to get healthcare.gov to work. They're all grist for the mill.

Over the next ten weeks, we'll examine operational risk in both the public and private sectors.  Is the risk different? Or is it just managed differently?  What are the barriers to implementation of a strong risk management program? Are there ways to implement such programs without large budgets, but with skill and imagination?

I have at least 24 graduate students in the class.  They're still signing up.  I'll keep you posted.

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