On Friday I was meeting with a GM of a major bank. A non-risk professional working in the “Line 1” which is risk speak for the first line of defence in the Three Lines of Defence (3LOD) risk management model. I commented that the biggest challenge facing the risk profession was getting our message across.
Intuition can be a powerful decision tool, however it is so often misused. If you are not aware of the times when you could or should follow your intuition then you are most likely taking a big chance on the outcome – then you will certainly need guts. The times you should use intuition are
It’s nice to be made aware of some different thinking to your own in areas that one is focusing on. This happened to me last week. I, along with many of you have been preaching risk-based decision making for a long time and along comes this advice to students at Stamford University Graduate School of
The only certainty is uncertainty. The Uncertainty Paradox! I finished last year writing about our tendency towards impulsiveness and our counter-tendency towards indecisiveness. Both are very real and are played out under different circumstances EXCEPT the underlying issue is ‘uncertainty’. Impulsiveness is a problem because we fail to consider the uncertainties well enough while indecisiveness
Last blog I wrote about working with our tendency for impulsiveness. Which can lead to one hell of a fun ride and other times can lead to regret. Counter this with the fear of making the wrong decision. Sometimes we are so uncertain as to the right decision we are frozen and unable to decide.