Assurance, Risk Management & Loss Prevention is a research and training office in the Centre for Jewish Communal Service.
Organized to provide Jewish communal organizations with innovative services not presently offered by Jewish traditional movements, ARM-LP provides CJCS programs that include …
- membership CARD (opens a new tab in your browser) and
- loss prevention.
Defining Risk Intelligence
Two authors inform ARM-LP with respect to risk intelligence. Business writer David Apgar 1 defines risk intelligence as the capacity to learn about risk from experience.
The author of Risk Intelligence: Learning to Manage What We Don’t Know, Apgar maintains that we need to better assess and control risk when change comes knocking at our door.
Rick Funston, the author of Surviving and Thriving in Uncertainty: Creating The Risk Intelligent Enterprise, understands risk intelligence to both create and protect value.
Seen this way, risk intelligence is very much a loss prevention proposition. Columbia University professor Leo Tilman maintains that risk intelligence “has become a key determinant of survival, success, and relevance” because “It equips boards and executives with new ways of seeing.” 2
ARM-LP’s Risk Intelligence Unit
An ARM-LP research program, the RIU asserts that intelligence is information about an invisible enemy.
Visible vs Invisible. Acceptable risks are visible: we know what we’re getting into when we undertake a specific challenge. Unknown risks are invisible, either because they occur in a blind spot, or because they are covered by a facade. Risks known to others but not to me occur in the blind spot. Risks known to me but not to others occur in the facade.
The Blind Spot. Risks I know nothing about are waiting silently for me as I turn on my office computer to begin the day. These risks are dangerous, the more so because I can only anticipate so much.
The Arena. Risks known to me and to others show up in the arena. ARM-LP’s Risk Intelligence Unit provides an arena for CJCS.
1. See Increasing Risk Intelligence. Link valid 2016 August 19. Bloomberg.Com: bloomberg.com/news/articles/2006-08-17/increasing-risk-intelligence ↩
2. Risk Intelligence: A Bedrock of Dynamism and Lasting Value Creation. Link valid 2018 May 18. The European Financial Review: http://www.europeanfinancialreview.com/?p=591↩