Understanding and Managing Risk Attitude

by Hillson,David

• ISBN13: 9780566087981
• ISBN10: 0566087987
• Edition: 2nd
• Format: Nonspecific Binding
• Copyright: 2016-03-18
• Publisher: Routledge

Summary

This book provides a pivotal insight into the complexities of human behaviour, psychological influences and subconscious preferences that determine how people initially respond to significant uncertainty. It opens the door to a facet of risk management that is not well understood, namely risk attitudes. It helps us determine whether it is appropriate, and creates a road map to change risk attitude if it is both necessary and desirable.'' Carl Anthony West, Operations Auditor, British Waterways "Organizations and project leaders seeking to dramatically improve the effectiveness of their risk management process will want to incorporate this book''s information into their daily activities." Craig D. Peterson, PMP, President, Project Management Institute, Risk Management Specific Interest Group "The work will repay the intellectual engagement required of the reader with a shift of paradigm towards people-centred risk management that focuses on preferred or innate "risk attitude" rather than lower level risk management process and tasks." Pierre Anson-Tsang, Benefits Realisation Consultant, and Mike Buck, Senior Project Manager, PricewaterhouseCoopers "For many managers, risk management is about choosing the right technique to analyse the risks in the corporate risk register - it is seen as a standardised procedure for avoiding things going wrong. David Hillson has pioneered an approach to risk management that is as much about seeking opportunities as avoiding mistakes. Now he and Ruth Murray-Webster turn to the cultural and psychological aspects of risk management to great effect. They persuasively argue that a mature risk attitude is a vital part of the effective management of risk in business, which can be achieved through the development of high levels of emotional literacy in risk managers and their teams. The argument is extensively supported by clear diagrams and vignettes that aid understanding of important concepts. Managers looking to move to higher levels of risk management maturity in their organisations will, therefore, find much insight and guidance in this innovative book.''" Professor Graham M. Winch, Centre for Research in the Management of Projects, Manchester University, UK "This book has prompted me to think more deeply as a change director about what I am trying to achieve with my overall risk approach, specifically whether and how to tackle environmental factors, and understand better the behaviours that create them.''" Jon Bassett, Director of Implementation, AXA Life UK "Anyone involved in implementing risk management will benefit from this book, including risk practitioners, senior managers and directors responsible for corporate governance, project managers and their teams.also essential reading for HR professionals.''" Educational Book Review "This concise and very readable book looks at the question of risk from a refreshingly different viewpoint.absolutely essential reading for anyone tasked with the management of risk or interested in the various and complex issues surrounding the subject." Quality World, September 2005 "...aims to help the reader understand the human aspects of risk management and mange the influence of human behaviour on the risk process. And after looking at issues such as emotional intelligence/literacy and its relationship to risk attitude, the authors suggest that readers might be in a good position to apply the guidance to their personal lives too." Supply Management, June 2006 David Hillson''s and Ruth Murray-Webster''s Understanding and Managing Risk Attitude will help you understand the human aspects of risk management and to manage proactively the influence of human behaviour on the risk process. The authors introduce a range of models, perspectives and examples to define and detail the range of possible risk attitudes; looking both at individuals and groups. Using leading-edge thinking on self-awareness and emotional literacy they develop a powerful approach to address the most co

Table of Contents

Foreword

Preface

The Problem

Risk management status quo - efficient but not effective?

The importance of human factors in risk management

Understanding Risk Attitudes

General principles of risk attitudes

Individual risk attitudes and heuristics

Group risk attitudes and heuristics

Understanding Emotional Literacy

Emotion - definition and relevance

Emotional literacy for individuals

Emotional literacy for groups

Implementation Issues

Applying emotional literacy to risk attitudes

Final thoughts and the way ahead

Appendix

Emotional Intelligence/Literacy tools

Bibliography and further reading

Index

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