Seek Perspective When Identifying Risks, Experts Say

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In a recent podcast, I emphasized that risk inventories are best performed with groups that include leadership and “line” personnel. Leaders can fail to see obvious risks because of biases created by their own expertise. A recent article from The Nonprofit Times highlighted cognitive biases that can undermine our risk management efforts.

Leaders who struggle with risk management might be able to attribute their difficulties to their own brains working against them. Diana Del Bel Belluz, founder and president of Risk Wise Inc., in Toronto, explained to attendees of the 2015 Risk Summit that the brain is capable of undermining success […]

There is no single solution for cognitive bias. We recommend gathering a group of diverse participants of different experience levels when performing a risk inventory, however, because different perspectives can help raise issues that might otherwise remain undetected.

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