Shared Experiences in GRC

Episode 3 - Using Scenario Modeling for Risk Management (and is the lottery truly random?)


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This week we use basic scenario modeling (or simulation analysis) to enhance risk management. Scenario modeling enables more informed risk decisions by considering the universe of potential outcomes of a risky scenario. By understanding the probability of outcomes that are in or out of the organization's risk tolerance, we can make quantified decisions that also impress management! In a real case study from the Arizona State Lottery we'll find out if the pick 3 lottery really is truly random!
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