Several previous blog entries have explored the notion of approaching Risk Management in a new way. Rather than simply focusing on mitigating risk through various methods, companies and individuals alike should strive to seek a greater understanding of risk to improve their decision-making and maximize value to the organization. By doing so, an ever-present view of risk and opportunity will propel an organization from focusing purely on Risk Management to a new state of Risk Mindfulness.
David Spiegelhalter, leading risk expert and professor at Cambridge University, supports this view in a recent video (see below) that is both enlightening and humorous. Through his real-life examples, Professor Spiegelhalter provides a unique view of how we as humans typically view risk. His lessons are particularly relevant as we continue our struggle to emerge from the financial crisis of 2008. As he concludes, "One of the biggest risks is being too cautious."
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