Given the extraordinary series of man-made and natural disasters in the past two years, RTI International, a Research Triangle Park, N.C.-based research facility, has broadened its approach to enterprise risk management.
"We are seeking to gain a better understanding of the 'known unknowns'–the highly improbable yet high-impact risks that the recent catastrophes have highlighted," says Ward Sax, vice president, treasurer and chief risk officer.
Sax cites such catastrophes as the eruption of the Eyjafjallajokull volcano in Iceland, the Deepwater Horizon oil spill in the Gulf of Mexico, the earthquake in Haiti, and the global financial crisis. "These disasters have highlighted that even a 'one in a million' occurrence can happen and affect an organization's strategy and business prospects," he says.
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