Four things you need to be doing with risk capital

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Risk capital gives financial firms the cushion they need to protect liability holders from unexpected losses. Simply put, risk capital is your home-run money — funds that are invested in high-risk, high-reward investments. It reduces debt overhang that could limit borrowing capability and makes the costs of bankruptcy or firm distress more remote.

But there’s a catch — adding risk capital can only benefit firms’ balance sheets if it is allocated efficiently, according to a study co-authored by Isil Erel, Academic Director of the Risk Institute and Distinguished Professor of Finance at The Ohio State University Fisher College of Business.

The study, “A Theory of Risk Capital”, was co-written by Erel, Stewart C. Myers at MIT Sloan School of Management, and James A. Read Jr. at The Brattle Group Inc. in Cambridge, Mass. In the study, Erel, Myers, and Read focus on diversified firms with safe and risky businesses in their portfolios. The firms have customers and counterparties who are not willing to bear significant default risk.

Know if your company’s risk capital really working for you — here are the four things you need to know and be doing.

1) Risk capital must be allocated

  1. To assess profitability,
  2. To make investment decisions,
  3. To price products and services, and
  4. To set compensation.

2) Efficient risk capital allocation has to do two things: 1) there can be no risk that changes in the business portfolio that would affect the credit quality of the firm’s liabilities, and 2) firms have to avoid shifting risk capital from one business to another.

3) Of course, your business is doing all that already, so what do you really need to focus on? Your marginal default rate in order to allocate the risk capital.

The marginal default rate is the derivative of the value of the firm’s option to default with respect to a change in the business size, according to the study. The required amount of capital depends on the target credit quality and on the risk of the business portfolio. Businesses with the largest marginal default values should receive the most risk capital and be charged most of the costs of the risk capital.

4) Risk capital can help expand your business, but keep in mind that riskier businesses need free passes to expand, which will increase the default risk. These risky businesses might also operate at a lower credit quality.

To mitigate the effects on credit quality of the overall business, businesses shouldn’t use risk capital that’s fixed in the short term.

Remember, any asset or activity with uncertain returns requires risk capital. By focusing on marginal default values, credit quality, and risk within the business portfolio, firms can us risk capital efficiently to help improve their bottom lines.

If you want to dig deeper into this (and other) of the latest risk research, the full paper and accompanying translation are available on our website.

Governance and culture take center stage at The Risk Institute’s Annual Conference

Conversation surrounding governance and culture recently took center stage at The Ohio State University Fisher College of Business, as The Risk Institute explored the impacts of the two key aspects of business at its Annual Conference. The two-day conference brought together Risk Institute members, business leaders, experts and faculty thought leaders from Fisher for an in-depth examination of the risk management and strategic implications of governance and culture.

Phil Renaud and Jeni Britton Bauer of Jeni's Splendid Ice Creams discuss maintaining culture through crisis.

Phil Renaud and Jeni Britton Bauer of Jeni’s Splendid Ice Creams discuss maintaining culture through crisis.

Considering the various sides of governance and culture is critical to understanding how to leverage risk management to create value for an organization. The conference featured four keynote speakers, Gordon Bethune, former CEO of Continental Airlines; Cameron Mitchell, founder and CEO of Cameron Mitchell Restaurants; Randall Kroszner, former Governor of the Federal Reserve System; and David Gebler, author of best-selling book The 3 Power Values.

Bethune opened the conference and focused on his experience turning around Continental Airlines over a decade, which is detailed in his book, From Worst to First. He emphasized the importance of building accountability between employees and the organization saying, “What gets measured and rewarded, gets done.”

Mitchell is a self-described serial entrepreneur who understands that taking risks is necessary to be successful in business saying, “I may shoot myself in the foot and walk with a limp, but I’ll never shoot myself in the head and make a fatal mistake.”

Academic Director Isil Erel speaking at Annual Conference 2016.

Academic Director Isil Erel speaking at Annual Conference 2016.

During his time with the Federal Reserve System and as a professor of economics at the University of Chicago, Kroszner never imagined he would be helping guide America’s economy through the worst financial crisis since the Great Depression. He discussed the potential ramifications of the Fed keeping interests rates at historic lows since 2008 saying, “When your short-run policy becomes a long-run policy, you will always run into unintended consequences.”

Named one of America’s top Thought Leaders in Trustworthy Business Behavior, Gebler is an innovator of new approaches that integrate culture, ethics, values and performance. His talk detailed how to know if your organization’s culture is a risk factor utilizing the three power values— integrity, transparency and commitment.

In addition to the keynotes, the third-annual conference brought together business leaders and experts for a series of RISKx presentations and panel discussions on women in risk, governance and culture related to business. The culture discussion explored  employees’ attitudes toward risk, mergers and acquisitions, maintaining culture through crisis, and emerging risks in the energy industry.

The Risk Institute’s Executive Education Series will resume November 15 with a discussion on Political Risk.

 

Building responsible and resilient supply chains

Supply chains have become global and highly complex. Building and maintaining a resilient supply chain is a key success factor for businesses operating in a fast-changing world.connected-globe-rgb-international

EY Climate Change and Sustainability Services (CCaSS) collaborated with the UN Global Compact on the study in an effort to better understand how companies are managing their supply chains in ways that support the objectives of the United Nations 2030 Agenda and Sustainable Development Goals (SDGs).  The UN Global Compact is the world’s largest sustainability initiative and EY has been a participant since 2009.

The report draws on business inputs across geographies, sectors and business models. CCaSS and Advisory Supply Chain and Operations professionals interviewed 70 clients globally to explore how they are embedding sustainability in their supply chains by managing risks and adopting new commitments around human rights, the environment and the well-being of communities in which they operate.

Overall, the study indicates that by improving environmental, social and governance (ESG) performance throughout the supply chain, companies can enhance processes, reduce costs, increase productivity, innovate, differentiate and improve societal outcomes.

Conclusions explored in the report include:

  • Companies are on a continuum from managing risks through creating shared value with stakeholders to achieving differentiation for their products or services;
  • Leaders are achieving competitive advantage in the supply chain through increased collaboration, technology innovation, greater efficiency and supplier diversity;
  • Mature supply chain models integrate buying and sourcing practices with product design and development to enhance sustainability results tied to their manufacturing and service delivery;
  • Currently, only a small percentage of companies have achieved leadership maturity levels that can lead to shared value with suppliers, enable suppliers to operate as an extension of the business and engage in meaningful, collaborative dialogue.

Based on interviews we identified several actions companies can take to further embed sustainability in their supply chains:

  • Assess materiality, to focus on the most pressing issues, taking UN Global Compact principles into consideration
  • Align resources, structures and processes to focus on supply chain sustainability across the organization
  • Train management and suppliers on market practices
  • Invest in diverse and inclusive supply chain partners
  • Stretch existing sustainability goals beyond direct operations, to include tiers of the supply chain
  • Deploy technology to increase accountability and transparency
  • Leverage buying power and influence to trigger shifts toward supply chain sustainability
  • Disclose supply chain information, beyond stand-alone sustainability reporting mechanisms

This post was written and published by EY, one The Risk Institute’s founding members, in August 2016. To view the original article or download detailed study findings, click here. 

From Risk to Resilience: Find (& Overcome) Your Company’s Weakest Link

resilient bud

Don’t fall through the cracks — grow through them.

In an interconnected, volatile, global economy, supply chains have become increasingly vulnerable. Disruptions — even minor shipment delays — can cause significant financial losses for companies and substantially impact shareholder value. Globalization has made anticipating disruptions and managing them when they do occur more challenging. The potential risks of disruptions are often hidden, and the potential impacts may not be understood, which often results in black swan events – events that can only be fully understood after the fact.

Over the last seven years, researchers at The Ohio State University have been exploring the concept of enterprise resilience, i.e. how companies can prosper in the face of turbulent change by being able to recognize, understand, and compensate for vulnerabilities.

The result is the SCRAM (supply chain resilience assessment and management) framework, which enables a business to identify and prioritize the supply chain vulnerabilities it faces, as well as the capabilities it should strengthen to offset those vulnerabilities.

Six Vulnerabilities You Need to Know About

Every business has its vulnerabilities, and most of the time those vulnerabilities are inherent to the business and difficult to avoid, but by recognizing them, you’ll be better equipped to deal with disruptions as they happen.

1. Turbulence

Definition: Environment characterized by frequent changes in external factors beyond the company’s control

Examples: Unpredictability in demand, fluctuations in currencies and prices, geopolitical disruptions, natural disasters, technology failures, pandemics

2. Deliberate threats

Definition: Intentional attacks aimed at disrupting operations or causing human or financial harm

Examples: Terrorism and sabotage, piracy and theft, labor disputes, special interest groups, industrial espionage, product liability

3. External pressures

Definition: Influences, not specifically targeting the company, that create business constraints or barriers

Examples: Competitive innovation, government regulations, price pressures, corporate responsibility, social/cultural issues, environmental, health and safety concerns

4. Resource limits

Definition: Constraints on output based upon availability of the factors of production

Examples: Raw material availability, utilities availability, human resources, natural resources

5. Sensitivity

Definition: Importance of carefully controlled conditions for product and process integrity

Examples: Restricted Materials, supply purity, stringency of manufacturing, fragility of handling, complexity of operations, reliability of equipment, safety hazards, visibility of disruption to stakeholders, symbolic profile of brand, customer requirements for quality

6. Connectivity

Definition: Degree of interdependence and reliance on outside entities

Examples: Scale and extent of supply network, import/export channels, reliance on specialty sources, reliance on information flow, degree of outsourcing

So in the face of all these disruptions, what’s the answer?

Answer: resilience.

Resilience is the capacity of an enterprise to survive, adapt and grow in the face of turbulent change.

Resilience means improving the adaptability of global supply chains, collaborating with stakeholders and leveraging information technology to assure continuity, even in the face of catastrophic disruptions.

Resilience goes beyond mitigating risk; it enables a business to gain competitive advantage by learning how to deal with disruptions more effectively than its competitors and possibly even using those disruptions to its advantage.

Resilient systems don’t fail in the face of disturbances; rather, they adapt.

 

Article adapted from “From Risk to Resilience: Learning to Deal with Disruption,” by Joseph Fiksel, Mikaella Polyviou, Keely L. Croxton, and Timothy J. Pettit.

The Risk Institute at The Ohio State University’s Fisher College of Business exists to bridge the gap between academia and corporate America. By combining the latest research with the real-world expertise of America’s most forward-thinking companies, the Risk Institute isn’t just reporting risk management’s current trends — it’s creating tomorrow’s best practices.

Brexit’s Anticipated Impact on U.S. Middle Market Businesses

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


Despite the clear vote by British voters to exit the EU, the impact of the vote on both Britain and the European Union is anything but clear. Policymakers are now required to focus attention on some very uncertain and unsettling repercussions.

In what is very likely the earliest data anywhere about the impact of Brexit on U.S. companies, the National Center for the Middle Market at The Ohio State University Fisher College of Business, has just released the results of its survey studying the impact of Brexit on companies within the Middle Market segment. The results have indicated the following:

  • About half of middle market companies say Brexit would have little or no impact on their business.
  • The other half, however feel that they will be impacted. One in eight companies foresee an extremely significant impact.
  • Manufacturers will be impacted more than the market as a whole.
  • Approximately 28% of Middle Market companies say they will reduce investment in the U.K., while approximately 21% will reduce investment elsewhere in the E.U.
  • Much of that money will remain in the U.S., with approximately 26% say they will increase investment in the homeland. Likewise, Asia may also be a direct beneficiary of investment.
  • The study also revealed that an impact on sales and procurement may be seen. Companies have indicated that they will purchase less from Britain given the reduction in British Sterling.
  • An expectation also may exist that increased “red tape” may be an indirect result of Brexit. Questions remain about any changes to customs, tariff on imported goods, quota restrictions, etc., as well as overall changes in import/export trade regulation in the short and longer term.

The complete study can be found at https://go.osu.edu/BrexitMidMarket.

NCMM Brexit Survey 2016

We are appreciative of our partnership with the National Center for the Middle Market and for their foresight and timing in issuing this informative finding.


The Risk Institute at The Ohio State University Fisher College of Business brings together practitioners and researchers to engage in risk-centered conversations and to exchange ideas and strategies on integrated risk management.  Visit The Risk Institute website for more information about how you can join the conversation about enterprise risk management.

Zika – Can We Predict the Next Outbreak? (Pt 2)

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


With regard to the Zika virus, The World Health Organization (WHO) and other health organizations have called for top level meetings to address the virus and its worldwide impact. The WHO has recently warned that the virus could potentially spread to every country in the Americas.

aedes-aegypti

Aedes aegypti

We need not think beyond the last few years where we saw SARS (2003), Influenza H1N1 (2009) or Chikungunya (2014) to understand that there is a great need for businesses to think about proper planning and dealing with the potential impact upon business and society. Central to risk mitigation is learning as much as possible about Zika and its potential impact to your organization.

On June 13, 2016, The Risk Institute at The Ohio State University Fisher School of Business brought together a group of professionals representing a diverse assortment of job responsibilities and

industries to discuss the impending Zika virus and pandemic planning from an enterprise perspective. The discussion centered on four topics:

  • Evolutionary Ecology and Viruses
  • Pathogens and Pandemics: Emerging Viruses including Zika
  • Pandemic Planning
  • Learning from Pandemic Events: From SARS to Zika

Conversation was energetic as we explored the factors that are driving emerging infectious disease including host shifting, the emergence of drug resistant pathogens, and insect/tick pathogens combined with rapid population growth.  This, coupled with greater urbanization, increased global travel and global climate change, creates an environment where we will most likely see an increase in emerging infectious diseases.

With this information present and the summer months now upon us, companies need to focus on mitigating the risk of Zika within the workplace. Does your company have employees in infected regions? Do you have employees that travel to infected regions? Do you have the correct information to inform employees about how to limit the spread and contraction of the disease? Employers also will need to be flexible and prepare to possibly to delay trips to infected areas, hold virtual meetings, etc.

Global Air Travel Kilpatrick and Randolph

To the extent that your organization has developed a business continuity plan, risk managers must ask if the plan is sufficient to deal with a pandemic threat in addition to the more traditional exposures present. Once you are comfortable that the plan is robust enough, it will need to be tested to respond to geographic specific exposure that could have wider impact upon the business and it customers.

Nancy Green from Aon pointed out that organizations should also conduct a review of their insurance portfolio. For example, within the firm’s property coverage, does the coverage extend to the cost of sanitizing and testing? What about the cost of evacuation of an insured property? How about the resulting loss of income from the closure of a hotel (if your business includes that exposure) during sanitization, or loss of guests due to identification of the virus at the insured premises.  What about contingent business interruption or extra expense due to the closure of a key facility of a key customer or supplier.  Green also stressed the importance of making considerations for Worker’s Compensation and Liability claims, as well as reviewing your company’s health insurance coverage. All valid and very important checks and balances to consider as we think through the enterprise-wide impact on an organization.

Our session also focused on valuable lessons  learned from past events and how they can be used to provide valuable insight for the present and future. As put forth by Tom Hopkins of Sherwin-Williams, key to his organization dealing with previous pandemics were:

  • Identification of all relevant stakeholders
  • Develop both plans and processes to address issues
  • Identify resources needed locally and globally
  • Think global, act local
  • Have communication platform in place, and stress test it in non-critical situations
  • Have senior management alignment in place to enact a “Analysis & Action Now, Evaluation Later” methodology
  • Get comfortable with ambiguity

The Risk Institute is thankful for the informed leadership of our session experts, Professor Steve Rissing (Department of Evolution, Ecology and Organismal Biology, The Ohio State University), Julie E. Mangino MD, FSHEA (Professor of Internal Medicine, Division of Infectious Diseases, The Ohio State University and Medical Director, Department of Clinical Epidemiology, OSU Wexner Medical Center), Nancy Green CPCU, ARM (Executive Vice President, Aon Risk Solutions) and Thomas E. Hopkins, (Retired SVP Human Resources, The Sherwin–Williams Company).

The session provided thought provoking ideas and advanced The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.


On June 13, 2016, The Risk Institute at The Ohio State University Fisher College of Business presented the first session of its 2016-2017 Executive Education Risk Series, Zika – Can We Predict the Next Pandemic Outbreak? For more information on this and future events, please visit http://go.osu.edu/Zika-u-osu.

 

Zika – Can We Predict the Next Pandemic Outbreak? (Pt 1)

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


The World Health Organization (WHO) and other health organizations have called for top level meetings to address the Zika virus and its worldwide impact. Researchers first discovered the virus nearly 70 years ago. Very few cases were reported until 2007 when an outbreak on Yap Island in Micronesia infected nearly 70% of the population ages three years and older. The WHO has warned that the virus could potentially spread to every country in the Americas.

Companies need to focus on how they can mitigate the risk of Zika within the workplace. Does your company have employees in infected regions?

http://www.paho.org/hq/index.php?option=com_content&view=article&id=11554&Itemid=41715&lang=en

Image courtesy of Pan American Health Organization and WHO. Click for more info.

Do you have employees that travel to infected regions? Central to risk mitigation for any employer is to learn as much as possible about Zika and its potential impact to your organization.  Employers need to be flexible. Consideration should be given to delaying trips to infected areas, holding virtual meetings, etc.

An organization’s business continuity plans will need to be tested to respond to geographic specific exposure that could have wider impact upon the business and it customers.

On June 13th, The Risk Institute will host guest speakers, Julie E. Mangino MD, FSHEA (Division of Infectious Diseases, The Ohio State University, and Department of Epidemiology, OSUWMC), Professor Steve Rissing (Department of Evolution, Ecology and Organismal Biology, The Ohio State University), Nancy Green CPCU, ARM (Executive VP, Aon Risk Solutions) and Thomas E. Hopkins (Sr. VP Human Resources (retired), The Sherwin–Williams Company) will collaborate to provide insight into:

  • How evolutionary biology provides a road map into eruptions of Zika and other similar viruses.
  • The facts about the spread of the Zika virus and how to mitigate the fear factor.
  • The facts about prevention, treatment and links to specific birth defects.
  • How to prepare your business for Zika and other pandemic viruses, including business travel concerns.

This first session of our 2016-2017 Executive Education Risk Series will emphasize how to proactively use risk management to balance the risks related to Zika and wider pandemic planning in order to meet business goals and enhance business performance.

The session will provide thought provoking ideas and advance The Risk Institute’s unique role in uniting industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.

 


On June 13, 2016, The Risk Institute at The Ohio State University Fisher College of Business will present the first session of its 2016-2017 Executive Education Risk Series, Zika – Can We Predict the Next Pandemic Outbreak? For more information, or to register, please visit http://go.osu.edu/Zika-u-osu.

 

Fisher’s 2016 Business Case Simulation Competition – A Student Perspective

Reardon, Megan 2016

 

By Megan Reardon
Sophomore, Finance Major
The Ohio State University Fisher College of Business

 


With many risk industry professionals retiring in the next 10 years, the Enterprise Risk Management field is experiencing a bottleneck. That being said, it is a great time for students to get involved in the industry. The number of risk management jobs increase every year, with great opportunities for quick movement up company management. However, hiring companies want to see that students are interested in the challenges and diverse job titles of risk managers. I have found that through The Risk Institute at Fisher, as well as the Risk Management Association, I have had opportunities to build my business acumen and meet with industry professionals. Recently, I was the given the opportunity to compete in a business simulation with other students, both graduate and undergraduate.

On April 14, 2016, The Risk Institute and the Risk Management Association co-hosted a “pre-dinner” for the business simulation, where the students had the opportunity to meet with other risk students, as well as Phil Renaud, Executive Director of The Risk Institute, and Denita Strietelmeier, Program Manager at The Risk Institute and RMA’s advisor. Phil and Denita had the opportunity to speak about what the goals of the Risk Institute are and why risk is important to companies. This event gave students the opportunity to meet the students they would be working with in a more casual setting, laying the foundation for a successful business simulation.

IMG_5120

Megan Reardon’s team for the 2016 Fisher Risk Management Business Simulation Competition

The following day, April 15, 2016, The Risk Institute and Risk Management Association co-sponsored Fisher’s first risk-centered business simulation. The all-day event provided an opportunity for the students to experience risk management from a practical perspective. Specifically, the simulation was a business continuity exercise focused on operational and supply chain risk. Students worked as a team to create a comprehensive reaction plan based on incident response, business resumption, recovery and restoration. There were four teams comprised of 3-4 members each, as well as coaches and judges from the Fisher College of Business and DHL. Participating in this event was both an educational experience as well as a great opportunity to network with other students also interested in risk. Though my team didn’t place first, I learned about the importance of corporate crisis management after a disaster. More broadly, the business simulation reiterated that Risk Management is heavily involved in both small business decisions as well as larger corporate strategies.


Megan Reardon will be spending the upcoming summer as a Supply Chain/ Logistics Intern at Rockwell Automation.  She will return to Fisher College of Business for her junior year and will serve as Vice President of the Risk Management Association.

Business Continuity Management: A Business Case Simulation

Risk Institute Portraits Fisher Hall - Third Floor Feb-02-2016 Photo by Jay LaPrete ©2016 Jay LaPrete

By  Philip S. Renaud II, MS, CPCU
Executive Director, The Risk Institute
The Ohio State University Fisher College of Business

 


Each and every day, businesses face the challenge of managing in the face of disruption. That disruption may be a result of a supply chain failure, natural catastrophe, cyber event, the list of disruptions goes on and on. With the volatility that businesses face, the need to structure proper business continuity / critical incident management plans has never been more important.

According to a recent study authored by Allianz Global Corporate and Specialty, 58% of participants reported that Business Interruption (including supply chain disruption) was a key risk to their businesses.  The Aon Global Risk Management Survey 2015 also lists business interruption as one of the top ten risks facing companies.

To quote Tony Hayward following the gulf oil blast that killed 11 workers and caused one of the worst environmental disasters in US history:

BP’s contingency plans were inadequate. We were making it up day to day. What was going on was some extraordinary engineering. But when it was played out in the full glare of the media as it was, of course it looked like fumbling and incompetence.”

With this in mind, The Ohio State University Fisher College of Business, held a business case simulation exercise for students on April 15th. The event was cosponsored by The Risk Management Association (a student-led organization) and The Risk Institute. Participating students were divided into teams and presented with a fact-based scenario.  Students were then asked to prepare action strategy against the following “4 R” components:

  • Response (Protect Life and Property, Manage the Incident)
  • Resumption (Resumption of Time Sensitive Operations)
  • Recovery (Recovery of Other Operations)
  • Restoration (Repair/Restore Facilities and Content)

Students worked diligently during the day exercise to think through options, respond to life and safety concerns, communication challenges, manage customer expectations, etc.

Judges for the event were:

  • Keely L. Croxton, Associate Professor of Logistics, Fisher College of Business, The Ohio State University
  • A. Michael Knemeyer, Assistant Professor of Logistics, Fisher College of Business, The Ohio State University, and;
  • Daniel Oglevee, Senior Lecturer in Finance, Academic Director of The Fisher Executive MBA Program, The Ohio State University.

Business Coach for the event was Gregory Clark, a graduate of The Ohio State University Fisher College of Business.  Greg is now Global Lead, Business Continuity DHL Supply Chain. Greg provided very meaningful coaching for the students as they worked through the simulation exercise.

Students were pleased to be able to participate in an exercise that provided the opportunity to exercise material presented in the classroom with a real world, hands-on scenario. The Risk Institute is pleased to have an opportunity to prepare our students for events that they will experience once in business. As has been said on numerous occasions, anyone can manage an organization when things are going well – it is when things become difficult that true leaders emerge.

The session proved thought-provoking for the students and demonstrated The Risk Institute’s unique role in uniting students, industry thought leaders, academics and highly respected practitioners in an ongoing dialog to advance the understanding and evolution of risk management. The Risk Institute’s conversation about risk management is open and collaborative with its relevance across all industries and its potential for competitiveness and growth.

 


For more information about upcoming events, our students, partners or research, visit our website: fisher.osu.edu/centers/risk.