Why quantifying qualitative risks is a very important element of enterprise risk management.
Quantifying qualitative risks can be hard
• Have you ever had quantification of strategic and operational risks that were so different year over year that it was embarrassing to reveal the results?
• Have you ever experienced situations where one person overrides everyone else’s honest assessment of the size of the risk?
• Have you experienced executives/subject matter experts losing enthusiasm in risk interview meetings or declining requests for interviews?