Using Donald Rumsfeld’s famous quote “There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are things we don't know we don't know.”
In risk, “Known knowns” represent incidents that we experience within our own organisations. We are therefore well aware of them and can learn from the mistake to improve processes and get stronger. “Known Unknowns” represent incidents that other organisations have experienced. These are not well known outside of the affected organisation as often the knowledge is not broadcast, not least for confidentiality and potential reputation impacts. However, these are the best incidents for us to learn from as we have not suffered any loss ourselves but can strengthen our processes from the knowledge of what happened.
Serious value by way of knowledge sharing and learning from others can be realised if the sharing of these incidents among peers can be achieved. In the global banking industry, the major banks already do this primarily using two shared sources being:
There is a substantial cost and stringent membership requirements to subscribe to these databases which may make them unavailable and / or expensive for other industries and organisations.
In order to address this gap, Protecht has launched its low cost “Protecht.RID” service (RID = Risk Incident Database). It is a shared service which enables subscribers to enter and share:
The service ensures anonymity of each subscriber and their entries while allowing anonymous “blog” communication between participants based on any incident or article that is posted.
At present, we have launched it across the Mutual ADI (Building Societies, Mutual Banks and Credit Unions) in Australia.
The success of this knowledge sharing initiative depends on the number of subscribers and the level of sharing. We are looking for:
If this interests you, please email email@example.com for a chat and to obtain more information.
David Tattam is the Chief of Research, Knowledge and Consulting and co-founder of the Protecht Group. David’s vision is the redefine the way the world thinks about risk and to develop risk management to its rightful place as being a key driver of value creation in each of Protecht’s clients. David is the driving force in driving Protecht’s risk thinking to the frontiers of what is possible in risk management and to support the uplift of people risk capability through training and content.
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