VIDEO: Risk identification and assessment: a comprehensive approach

Alexandra Russell is the chief risk officer of Sasol, a chemicals and energy company that safely and sustainably sources, produces and markets a range of high-quality products on a global scale.

As you navigate a world of permacrisis, it becomes more important than ever to understand and utilise the tools at your disposal for identifying critical areas that need proactive action.

This workshop begins with an overview of scenario analysis, giving a clear understanding of risk pressure flags. These indicators will help you pinpoint where immediate attention is required. It also delves into the analysis of associated pressure factors, helping risk managers to prioiritse and allocate resources effectively.

Following this, Russell examines the evaluation of the likelihood and impact of various risks, introducing the concept of Bayesian networks, a powerful tool that supports decision making by integrating diverse risk factors and their dependencies.

In the context of Bayesian networks, she explains the importance of understanding causal relationships and conditional probabilities. This understanding will help in the network quantification of the likelihood and impact of different risk events, providing a holistic view of your organisation’s risk landscape.

The workshop also puts a strong emphasis on handling uncertainty. Russell walks you through sensitivity analysis - a technique crucial for identifying parameters that will have the most significant influence on decision outcomes.

This workshop will equip you with a comprehensive set of tools and techniques to better identify, analyse, and manage risks in today’s challenging environment. 

This is a Risk Awareness Week workshop, shared exclusively for StrategicRISK readers. To download other workshops from the conference, click here.