A story on how risk management tool will help your organization get from passing judgement to making risk-informed decisions and that on how Silver Bullet Risk tool was born.

More than 10 years ago, I had an important meeting with a German company. To decide upon the future of their corporation, several risk factors had to be carefully studied. This was the reason Igor had to prepare and deliver their boss a comprehensive, 40-pages report in Excel. Can you imagine the look at that man`s face? The was also the day the idea for Silver Bullet Risk management tool came to life.

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I knew this kind of situation happens often. And he was more than familiar with the feeling on both sides of the table: the person who needs to make an informed decision gets furious for having to go through all the data, whereas the person who is in charge to prepare them feels paralyzed as he or she simply doesn’t have the necessary tools, knowledge or time to gather and make sense of all the information necessary.

Would it be possible to mitigate all company`s risks in order to read the information faster, better and most importantly, act on them in due time? This was and still is the main motivation behind developing Silver Bullet Risk.

Even more, our research showed that even today and despite the increasingly demanding market, it is the mid-size companies that the most often don`t devote enough time, energy or resources to manage their risks strategically. For many of them, risk management is still a somewhat “intangible” area and, therefore, at least at first glance, doesn’t give them clear or profound results.

However, no matter where you operate, problems that have been identified in similar business environments all over the globe are that the management, supervisory boards owners, internal and external auditors simply don’t have a comprehensive overview of their key risks and therefore cannot predict nor act on the possible outcomes.

Risk reports are not supported by financial impacts on the organization itself. Employees don’t have adequate information and a methodological support in their divisions to organize and strategically follow up the risks. By using spreadsheets, their work is time-consuming, not transparent, audit trails are impossible to provide and history unverified, and the preparation of more comprehensive reports, based on a uniform methodology, is virtually impossible.

However, if implemented correctly — risk management works and does wonders! When that is the case, you will practically not know it exists. Whereas in case of the opposite — you surely will be glad to have made the correct predictions, risk scenarios and possibly avoided a huge catastrophe.
Thus, the goal of Silver Bullet Risk is that the mid-size organization management gets a comprehensive overview of all the risks their organization is faced with. This is the basis for risk-informed decisions and not just judgment passing! Our tool is a kind of radar to see how to avoid the risks and act upon the information wisely.


For more information about risk management follow our LinkedIn & Twitter account. You can join the debate in Linkedin group ERM – ENTERPRISE RISK MANAGEMENT.

Immutability, transparency and blockchain private ledger aim to provide business advantage in risk management industry.

In a quest for real life blockchain implementations, risk management is also looking for ways to use the promises of blockchain to better serve their risk management clients.

Some of the main features of blockchain technology are immutability, transparency, security, distributed ledger and many other technological and cryptographic elements. As risk management industry is exploring the potentials of blockchain technology, few blockchain elements are being considered as the front runners for the ideas and implementations.

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Immutability in Risk Management

Following trends in business is crucial for insights on what’s going on the market we’re in. Future, of course, is something that is always changing and we cannot control directly. However, we can have an influence on the future with better management of the history and staying on top of present.

The history, as it stays the same, we can use to better understand our present and future business. To ensure business history stays forever unchanged, for the purposes of conducting a solid business, the immutability of blockchain can serve as the platform to provide an audit trail feature.

In business that means that every operational transaction is captured in the system as it is, unchanged and forever documented, without the option to delete it or any other way tamper with the information. In risk management, an audit trail is the process of ensuring data integrity, an operational history “written in stone”.

Public vs Private Ledger

Blockchain was first designed as a public ledger, where everyone could see the content on the chain. As more enterprises join the blockchain revolution, private chains are being developed, meaning each organisation can also implement private blockchain for the purposes of running their own business process and ecosystem on the blockchain.

In risk management, main stakeholders are a part of the company’s structure. That would enable private blockchain to enter organisational process, choosing their own consensus algorithm and enable stakeholders to make contributions according to the rules, specified in the organizational smart contract.

Transparency as Business Advantage

One of the aims of Silver Bullet Risk is empowering stakeholders. Blockchain technology and its feature of transparency can help underlie the platform to enable all who participate in the business process to be able to track, understand, audit and provide an input to maximize risk management work efficiently and with that participate in the final assessment of risk management in the organisation.

Having that kind of transparent internal business processes can lead to a smother business operations, eliminating mistakes and supporting efficiency of all stakeholder and company at large.


For more information about risk management follow our LinkedIn & Twitter account. You can join the debate in Linkedin group ERM – ENTERPRISE RISK MANAGEMENT.