About 10 years ago I received a call from a lawyer looking for help in determining the expected number of members in a class action. It was a historical action dating back to the 1940s. My mandate was to determine the number of Indigenous children who attended one of several schools from the 1940s to the 1990s. That number, then, was to be split between surviving and deceased students as of 2010...
When risk managers are thinking about risks, cognitive biases that focus on recent risks often come into play. Train yourself to think with a longer time horizon, strategically, and in a way that allows risks to interact in combination with one other. The companies that encourage this are more likely to survive and make better decisions that allow them to thrive.
Introductory presentations on pension plans often begin with an explanation that there are two kinds of pension plans: defined contribution and defined benefit. The problem with this starting point is that none of it is true.
Strong communication and healthy cultures are built on transparency and trust. Having productive disagreements and conflict is important for breakthroughs. It takes thoughtfulness, courage, and planning. If trust is built, those difficult conversations will become easier because people know you care. It will transform conflict into collaboration and your relationships will be better for it.
The inter-related and combined influences of climate and cities – temperature, moisture, infrastructure, and ultimately people – on urban extreme weather events needs to be better understood. This is especially so as many cities adapt too slowly to keep pace with our changing climate.
Canadian Institute of Actuaries
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