Bimodal Risk Management - A Survival Guide for the Future
I have started my next writing project that presents a risk management approach to help people and organizations cope with the massive technologic change we are facing today. Today we are on the verge of a technologic explosion fueled by artificial intelligence (AI), Internet of Things (IoT), deep learning, Big Data, technology robots, and other disruptive technologies. These disruptivie technologies are rapidly and dramatically altering the world we live in; pushing the pace of technological evolution to warp speed.
This period of dramatic technological change requires that we fundamentally change the way we approach risk management. Future organizational success is fundamentally a business leadership risk management challenge, not a technology challenge. Preparing for and pre-emptively adapting risk management practices now assures you and your organization will be fully prepared for the future of risk. Preparing for the future of risk enables organizations to embrace new technologies, gain significant business value, and establish a competitive advantage.
March 10, 2019: Here is a sneak peek at what bimodal risk management is all about.
Generally speaking, the term “bimodal” is used to describe the management of two related but separate practices. Mode 1 produces consistent, reliable results and is associated with predictable, stable, low-risk operations whereas Mode 2 is exploratory and seeks to push the innovation envelope. Bimodal Risk Management (BRM) is a holistic, strategic approach to risk management that allows organizations to satisfy compliance requirements and preserve existing value (Mode 1) at the same time they are creating new value and aggressively ferreting out emerging threats (Mode 2).