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Last fall I had the pleasure of co-presenting a session on Risk Appetite with Rob Quail of Hydro One Inc. He shared a novel approach that he documented in his article Defining Your Taste for Risk.
The article provides a scale to help people gauge their risk appetite along this continuum:
In his article, Quail explains that risk appetite is context dependent. He then goes on to illustrate the 5-points on the risk appetite continuum along four dimensions (philosophy, tolerance for uncertainty, choice, tradeoff) that assist people to apply the scale to any particular strategic objective or risk. At the "Averse" end of the continuum, extremely conservative risk-taking and risk management behavior is expected, e.g.:
Whereas at the "Open" end of the continuum, a more aggressive stance is encouraged, e.g.:
Of course, each organization must customize its own scale to reflect its particular business context. The scale is a key tool to:
Rob will be one of the featured speakers at the Risk Appetite Seminar hosted by Risk Wise on November 14, 2013 in Toronto. The seminar agenda includes a live simulation that brings to life the key concepts in Rob's article, an opportunity to discuss your risk appetite challenges with Rob and other executives fwho have implemented risk appetite concepts in their organizations. For information on the seminar, please contact me at This email address is being protected from spambots. You need JavaScript enabled to view it.?subject=Request%20for%20Information%20on%20Seminar">This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our Events page.
Read this month's Feature Article - Creating a Healthy ERM Culture – Part 4
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The code to access the following special offer has been emailed to all Risk Management Made Simple Advisory subscribers:
SPECIAL OFFER: $500 off the full conference fee for Risk Management Made Simple Advisory subscribers on the Masters Certificate in Risk Management and Business Performance to be held on April 30-May 4, 2018 in Toronto, ON. (Subscribers have been sent the instructions on how to access this offer). Not yet a subscriber? Don't miss out, click here to sign-up for your complimentary Advisory subscription.
When you subscribe to the Advisory, we'll send you the code for all current special offers along with a link to your New Subscriber Bonus, a copy of Moving Beyond the Risk Map to Operational Vigilance.
FIND OUT FOR YOURSELF why risk management leaders subscribe, click to access the ARTICLE INDEX of all past issues of the Risk Management Made Simple Advisory.
"I save and study each issue of the Advisory. I appreciate how Diana gives very practical advice and links it to fundamental theories and best practices."
Sherrie Hyde, Risk Manager, Lutherwood
Moving Beyond the Risk Map to Operational Vigilance
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Director, Risk
Kinross Gold Corporation
The Neuroscience of Enterprise Risk Management (written by Diana Del Bel Belluz of Risk Wise) expores findings from the field of neuroscience and shares practical tips on how to apply them to enhance individuals' risk management thinking and implement brain-friendly ERM practices in organizations.
The article was published by The Conference Board of Canada in the Autumn 2017 issue of the journal Risk Watch.