Using Scenario Modeling for Risk Management

This week on a LONG and in-depth Office Hours, hosts Dan Zitting and Kevin Legere try to teach the basics of using scenario modeling (or simulation analysis) to enhance risk management and risk assurance. Scenario modeling enables GRC professionals to make far more informed risk decisions by considering the universe of potential outcomes of a given risky scenario... by understanding the probability of outcomes that are inside or outside the organization's risk tolerance, we can make quantified and informed decisions that make the organization better and impress the crap out of management! We'll run through a real case study from the Arizona State Lottery to make the points, with a little side lesson what does "random" truly mean. Find out if the pick 3 lottery really is indeed truly random!

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Office Hours is a work of passion to share strategies, technology ideas, and real-world stories that inspire governance, risk management, compliance, and audit professionals to live their biggest impact! Our channel is dedicated to delivering the best stories and strategies in developing GRC programs we've seen across 7,000 organizations in 140 countries around the world. In every episode we'll drill down on a topic that can help you level up - risk management, compliance automation, data analytics, next-generation auditing, robotic process automation, artificial intelligence, etc.

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