The biggest risk facing most organisations in the Knowledge Economy is people. This session will explore how Behavioural Science, the study of what drives human decision-making, can help mitigate Human Risk. By better understanding how people make decisions, we can manage risk by reference to how people actually behave, rather than how we would like them to.
This is a must watch session for anyone working in risk management and a great foundation for the whole week. Make sure you sign up!
https://2019.riskawarenessweek.com/talks/decision-making-and-biases/
What is Human Risk?
“The Risk of People doing things they shouldn’t or not doing things they should”.
It’s the biggest risk facing most organisations. On this site, you’ll find Behavioural Science-powered solutions to help mitigate its impact.
Why does Human Risk matter?
There are countless examples of people doing things (or not doing things) that negatively impact the risk environment.
Even those risks that do not appear to be directly driven by human behaviour can contain human elements which can worsen the risk profile.
For example, a natural disaster is not preventable. But the impact of the disaster can be made that much worse by poor decisions taken by human beings, either in response to the event or in a (lack of) pre-emptive planning.
A hurricane cannot (yet) be prevented, but its impact on society is heavily influenced by the human response to it.
What can we do about it?
By better understanding what drives human behaviour, we have a greater chance of controlling the risks associated with it.
At their best, people are awe-inspiring, creative, courageous, inspirational, wonderful and intelligent. At their worst, they are evil, destructive, inappropriate, lazy, awful and useless.
Human Risk is about preventing the latter and incentivising the former. A mission that involves “Bringing Science to Risk & Compliance”. The science in question is Behavioural Science.
About Chris
A pioneer of Behavioural Science in the fields of Risk, Compliance, Conduct & Culture. Former COO of UK Financial Services regulator, Head of Compliance at UBS Asset Management and UBS EMEA.
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