I have recently came across a wonderful article on gamification https://www.tenfold.com/gamification/gamification-tenfold-digital-engagement-sales-motivation and has decided to build another risk management game for the next years G31000 risk management conference. We will first pilot it at the largest risk management conference in Russia and then bring it to the global G31000 event.
Any ideas on the topic for the game?
Below are some examples from previous years:
- Risk management business game 2014 – In 2014 I 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. More information about first game is available here: http://www.risk-academy.ru/en/risk-management-game-version-a/
- Risk management business game 2015 – In 2015, I 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. More information is available at: http://www.risk-academy.ru/en/risk-management-game-version-b/
- Risk management business game 2015 (online version) – With the help of eNano, we went even further and produced an interactive risk management business game (only available in Russian). This game combined e-learning course and an interactive 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.
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RISK-ACADEMY offers decision making and risk management training and consulting services. Our corporate risk management training programs are specifically designed to promote risk-based decision making and integrating risk management into business processes. Risk managers all over the world call us in to help sell idea of integrating risk analysis into decision making and using quantitative risk analysis techniques. Check out most popular course for decision makers https://riskacademy.blog/product/risk-based-decision-making-executives/ or our dedicated programs to help risk managers learn the foundations of quant risk analysis https://riskacademy.blog/product/risk-managers-training/. We can also help audit risk management effectiveness or develop a roadmap for risk management integration into decision making https://riskacademy.blog/product/g31000-risk-management-maturity-assessment/