Practical ideas: Use gamification and passive learning techniques

We use a lot of gamification in our training sessions. Some of the examples include:

  • Risk management business game 2014 – In 2014 we collaborated with EY to develop Russia’s first risk management business game. It was great fun and as a result we created a pretty sophisticated business simulation. Participants were split into teams of 10, each person receiving a game card that describes their role (CEO, CFO, risk manager, internal auditor, etc.). At the start of the game, teams must choose one of four industry sectors (telecom, oil and gas, energy or retail) and name their company. The game consists of four rounds, each round teams must make risk based decisions. Each decision has a cost associated with it and a number of possible outcomes. Teams must analyze and document the risks inherent in each decision they make. The riskier the decision the higher the probability of adverse outcome. At the end of each round, computer simulation model choses a scenario and the outcome is announced to each team. Each decision has consequences, the outcome may either make money for the business or lose money. The aim of the game is to increase the company valuation by properly weighing up risks and making balanced business decisions. The winning team is the one which increased its company’s value the most after four rounds.
  • Risk management business game 2015– In 2015, we started working with Palisade to develop something a little different. Just like in the previous version of the game, the participants were split up into teams of 10. However, the game mechanics have changed substantially. Each player still receives a card describing their role, but this time the card provides a complete history of the character’s role within the company and assigns each player a unique secret mission. The aim of the game is to successfully complete a merger between large holding company and an innovative startup. The game as before consists of four rounds. The first round involves performing a risk assessment of the target company. Each team must identify 10 significant risks using only the information provided on the cards. The second, third and fourth rounds are dedicated to the management of these risks. Each identified risk has between 5 and 10 possible mitigation strategies that can be selected by the team. Each team has a limited budget dedicated to risk mitigation and each mitigation action has a cost. The winning team is the one which increases the value of the target company more than the others and is then able to successfully complete the merger.
  • Risk management business game 2015 (online version)– With the help of eNano, we went even further and produced an interactive online risk management business game (only available in Russian). This game combined e-learning course and an online business simulator. Each participant takes on the role of general manager of one of three innovative companies. They then receive tasks that need to be completed throughout the e-learning course:
    • First each participant needs to conduct interviews with AI colleagues in order to identify and document risks;
    • Then he needs to evaluate risks using the information presented. Note that just like in real world, most of the information presented is biased;
    • Then he needs make difficult decisions relating to risk mitigation given a limited budget;
    • During the last step, participants need to develop an action plan designed to improve risk culture.
  • Risk management game 2016–  This game is the result of collaboration between RISK-ACADEMY, Palisade, Institute for Strategic Risk Analysis (ISAR) and Deloitte. Together we have created an amazing business game to teach non-financial management and staff how to perform risk modelling on day to day management decisions. Participants will have to play a role of an aircraft engine manufacturing company. Each team has prepared a business case for a multimillion dollar plant modernization. Unfortunately, the project plan have just been rejected by the Board, so teams only have a couple of hours to conduct in-depth risk analysis and present updated an business case to the Board. The game is focused around risk modelling, requiring participants to identify and validate management assumptions, identify relevant risks, establish ranges and select possible distributions for each assumption, perform Monte Carlo simulation using Palisade@Risk and present the final results. All this has to be performed in limited time and with incomplete information… just like in real life. And just to add a little bit of drama, like in real life participants have to deal with unexpected “black swans” during the game. The aim of the game is to prepare risk analysis for a multimillion plant modernization investment project. The team with the highest risk adjusted rate of return wins.

Passive learning techniques also work quite well:

  • Make sure that risk management information is available to employees, contractors and visitors. Place Risk Management Policy on the intranet and the corporate website, record and publish risk management training or awareness sessions videos on the dedicated risk management intranet page.
  • Invite guest speakers (risk managers from other companies) to speak at the Audit Committee or Risk Management Committee and give employees the opportunity to participate. We have used this in the past and it worked very well.
  • Periodically post useful risk management related articles and research papers on the corporate intranet. Make the risk management information easily accessible to staff.

 

HERE IS A QUICK CHECKLIST TO TURN THIS SECTION INTO ACTIONS

Create a dedicated risk management page on the corporate intranet site

Record risk management training on video

Publish training videos, templates, useful materials and ISO31000 related materials on the corporate intranet

Give all employees access to the corporate risk management webpage

 

USEFUL VIDEOS

https://www.youtube.com/watch?v=EdgbdOE-yCY

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.