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Behavioral Risk Management - Managing the Psychology That Drives Decisions and Influences Operational Risk (Hardcover, 1st ed. 2016)
Loot Price: R1,861
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Behavioral Risk Management - Managing the Psychology That Drives Decisions and Influences Operational Risk (Hardcover, 1st ed. 2016)
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The psychological dimension of managing risk is of crucial
importance, and its study has led to the identification of specific
do's and don'ts. Those with an understanding of the psychology
underlying risk and the skills to recognize its manifestation in
practice, have the opportunity to develop frameworks that embody
the do's and don'ts, thereby producing sound judgments and good
decisions. Those lacking the understanding and the skills are
destined to be more hit and miss in their approach to risk
management, doing the don'ts and not doing the do's. Virtually
every major risk management catastrophe in the last fifteen years
has psychological pitfalls at its root. The list of catastrophes
includes the 2008 bankruptcy of Lehman Brothers and subsequent
global financial crisis, the 2010 explosion at BP's Macondo well in
the Gulf of Mexico and the 2011 nuclear meltdown at the Fukushima
Daiichi power plant. A critical lesson from psychological studies
for those involved in risk management is that people's judgments
and decisions about risk vary with type of circumstance. In
Behavioral Risk Management readers will learn that there are
specific actions that organizations can undertake to incorporate
understanding, recognition, and behavioral interventions into the
practice of risk management. There are many examples throughout the
book that illustrate doing the don'ts. The chapters in the first
part of the book introduce the main ideas, and the chapters in the
latter part provide insight into how to apply those ideas to the
practical world in which risk managers operate.
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