Should Risk Management Be Based on Process or Judgment?
We can make this chapter real short and say “it depends” to the question of whether risk management should be based on process or judgment. The problem is that, for most companies, risk management process is not set up to be quite that flexible, or that ambiguous. For a combination of reasons, mainly legal, regulatory, and insurance reasons, most companies have their risk management based almost exclusively on process, with little allowance for judgment. So much for the obvious answer of “it depends,” but I guess it means that I need to continue writing some more in this chapter to explain myself.
Tomas Lopez
Let’s begin our discussion with the real-life case study of Tomas Lopez. ...
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