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S2E3 Beyond the Textbook: Real-World Risk Management Lessons with Mark Carroll
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This episode of ByteWise Podcast features Mark Carroll, a senior business executive and founder of the Masters of Science in Enterprise Risk Management program at Boston University. Mark discusses the evolution of risk management, the importance of understanding operational risk, and the critical skills needed for success in the field. He also shares insights into the unique aspects of the BU Risk Management Program and offers advice for those considering a career in risk management.
Key Takeaways:
- The Genesis and Evolution of Risk Management:Mark Carroll discusses the inspiration behind BU's Enterprise Risk Management program, addressing the gap in comprehensive risk education, and how the field has evolved from an insurance focus to a holistic, enterprise-wide approach incorporating security, business continuity, and supply chain resilience.
- Navigating the "Resilience" Buzzword and Emerging Risks:Mark shares his perspective on the overuse of "resilience" and the need for tangible changes in practice. He also emphasizes understanding the root causes of emerging risks, even as they manifest differently, and the importance of critically evaluating and debunking perceived risks.
- Key Skills and Career Paths in Risk Management:Mark identifies curiosity, challenging assumptions, and deep business understanding as crucial skills for risk managers. He also describes the diverse career paths BU graduates pursue, leveraging their rounded business education and risk expertise in roles across supply chain, finance, and operations.
- The BU Risk Management Program: A Unique Approach:Mark highlights the program's focus on operational risk (differentiated from market/credit risk), its field-based approach drawing on instructors' practical experience, and its emphasis on harmonizing various risk disciplines within an organization.
- Advice for Aspiring Risk Managers:Mark emphasizes continuous learning, adaptability, and understanding business operations to effectively identify and manage risks, offering valuable guidance for those entering the field.
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