On Friday, April 8th the Student Fellows were treated to a full day workshop featuring Daniel Wagner, CEO of Country Risk Solutions. Daniel has more than 25 years of experience in political risk insurance, analysis and underwriting. His latest book, Global Risk Agility & Decision Making is available this May.
Global Risk Management, the topic of Daniel’s newest book was the overarching theme of Friday’s workshop. Daniel discussed risk as being equal to probability multiplied by consequences. Daniel discussed details regarding some of the risks that we face today including terrorism, cyber risk, and climate change. Good risk managers must be decisive and capable of properly analyzing data in risk assessments. Daniel shared with the Student Fellows that finding good data is easy, but accurately interpreting data poses a greater challenge. Student Fellows were reminded of risk assessment guidelines including, know your sources, question the objective, and sometimes trusting a gut instinct is more important. Daniel encouraged Student Fellows to change their way of thinking by ‘turning the pyramid upside down,’ using old ways of thinking and doing, and failing to have a long-term orientation will no longer get the job done.
Daniel spoke of risk agility and the need for agile risk managers who are proactive about risk. Unlocking the value of risk involves ‘doing the right thing’ and remaining transparent when faced with bad news. The goal of the risk agile is not to thrive in this challenging world, it is to survive in it with a clear conscience.
The Student Fellows really appreciated Daniel’s expertise and resources on the subject of risk management and country risk analysis. Having an open Q&A session at the conclusion of the workshop was beneficial to everyone interested in learning more about Daniel’s personal work experience and extensive traveling around the world. Student Fellows look forward to applying the concepts learned from Daniel’s workshop to our future careers.