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Quiz

Rate your approach to Risk-taking!

Risk-Taking Attitude self-assessment questions

Nothing Ventured, Nothing Gained! Taking Risks is critical to an organisation’s ability to seize opportunities and achieve success. Where do you stand in terms of how you take risk? Answer the all following questions and be sure to rate yourself as candidly as possible to ensure a frank and open assessment.

Print Result

Taking risks makes good sense only in the absence of other acceptable alternatives.

I generally prefer stimulation over security

If I make mistakes, I have confidence in my ability to recover from them, no matter how big

I would promote someone with strong potential but limited experience to a key position over someone with more limited potential but more experience

Anything worth doing is also worth doing less than perfectly

I believe that opportunity generally knocks only once or twice

It is better to ask for permission, than to beg for forgiveness

Success in business is as much, if not more, a matter of luck as it is of ability

I would prefer a three-thousand-dollar pay raise instead of a ten-thousand-dollar annual performance related bonus

I can handle big losses and disappointments with little difficulty

If forced to choose between them, I think safety is more important than achievement

Failure is the long road to management success

Ambiguity and unpredictability is bad for business

I would rather feel the intense disappointment of failure than intense regret of not having tried

When facing a decision with very uncertain consequences, my potential losses are my greatest concern

It is better to miss an opportunity rather than make a big mistake

We have in reality very limited control over what can happen in our work and life

I often rely on my intuition and instinct to make important decisions

Money must keep moving to make more money

Following commonly accepted "best pratices" is essential for business success

Your Result:
The Gambler

Profile Characteristics

Your DOMINANT profile is the Gambler.

You admire famous and successful risk-takers such as Steve Job or Richard Branson.

You do understand that there are a lot of risks involved in life and business but you believe that when problems and challenges will surface to hit You, somehow, this situation will necessarily result in you finding creative solutions, innovations and therefore, there is no need for in-depth risk management planning as the future will take care of itself. Driven by bold optimism you tend to believe that too much focus on risk management will actually paralyse decision-making and that you would miss out on opportunities.

You are convinced that boldness and self-confidence is the key to success and that in a way, if you believe in yourself, and persist, you will for sure encounter problems and even failures but in the end you will succeed!

Well there is nothing more dangerous than an overly optimistic, over-confident and risk-blind risk-taker. They confuse boldness and foolishness. This kind of attitude leaves little space – if any – to proper risk management. When the primary risk management strategy is “hoping for the best!” failure is statistically the most likely outcome.

Risk-Taking without Risk Management should be called Gambling! Do you want to leave everything you have and your success to chance?

While you might be lucky for a while, sooner or later, the wind can and will turn suddenly without warning often destroying what you have achieved.

Steps towards improving your position

While taking risks is necessary for seizing opportunities, you must learn to limit the possible negative consequences of risk while optimizing the potential benefits of its associated opportunity. The lack of or poor risk management will sooner later lead to very bad decisions that will damage for you and your organization. It is just a question of time before it happens.

 

Become a Smart and effective Risk Taker, Not a Gambler

The really successful business leaders who are able to establish durable organizations such as Warren Buffet or Bill Gates are in fact incredibly accurate calculators of risk and are very good at devising strategies to optimising their own risk/return balance. They won by understanding what they were doing and how much risk they were willing to take to achieve their objectives never by relying just on luck.

You must learn to identify, analyze and limit the possible negative consequences of risk you take while optimizing the potential benefits of its associated opportunity. Poor risk management and decisions are damaging for you and your organization.

To achieve these, you can:

 

Profile Characteristics

Your DOMINANT profile is the Gambler.

You admire famous and successful risk-takers such as Steve Job or Richard Branson.

You do understand that there are a lot of risks involved in life and business but you believe that when problems and challenges will surface to hit You, somehow, this situation will necessarily result in you finding creative solutions, innovations and therefore, there is no need for in-depth risk management planning as the future will take care of itself. Driven by bold optimism you tend to believe that too much focus on risk management will actually paralyse decision-making and that you would miss out on opportunities.

You are convinced that boldness and self-confidence is the key to success and that in a way, if you believe in yourself, and persist, you will for sure encounter problems and even failures but in the end you will succeed!

Well there is nothing more dangerous than an overly optimistic, over-confident and risk-blind risk-taker. They confuse boldness and foolishness. This kind of attitude leaves little space – if any – to proper risk management. When the primary risk management strategy is “hoping for the best!” failure is statistically the most likely outcome.

Risk-Taking without Risk Management should be called Gambling! Do you want to leave everything you have and your success to chance?

While you might be lucky for a while, sooner or later, the wind can and will turn suddenly without warning often destroying what you have achieved.

Steps towards improving your position

While taking risks is necessary for seizing opportunities, you must learn to limit the possible negative consequences of risk while optimizing the potential benefits of its associated opportunity. The lack of or poor risk management will sooner later lead to very bad decisions that will damage for you and your organization. It is just a question of time before it happens.

 

Become a Smart and effective Risk Taker, Not a Gambler

The really successful business leaders who are able to establish durable organizations such as Warren Buffet or Bill Gates are in fact incredibly accurate calculators of risk and are very good at devising strategies to optimising their own risk/return balance. They won by understanding what they were doing and how much risk they were willing to take to achieve their objectives never by relying just on luck.

You must learn to identify, analyze and limit the possible negative consequences of risk you take while optimizing the potential benefits of its associated opportunity. Poor risk management and decisions are damaging for you and your organization.

To achieve these, you can:

  • Improve your awareness about your attitude toward Risk and understand how your ego, emotions and culture influence your perception of risks and the way you make decisions,
  • Always do a potential risk analysis when making important decisions, and finally
  • Learn the latest and most Risk Management methodologies and tools to improve your effectiveness as a decision maker.

Fortunately, managing risk to make good decisions is a skill set that can be learned and continuously improved on. Avoiding relying too much on instincts and bold ‘faith’, You can learn a logical, systematic and practical approach to integrate risk management in decision-making in a way that doesn’t require endless analysis, but helps you to confront the facts, assess the impacts and weigh the options available to you to ensure that your decisions will be the best decisions possible in a given situation.

In summary, Learning Risk Management can help you deal with the challenges of modern life and is a key competitive advantage for a long sustainable successful career.

  • Improve your awareness about your attitude toward Risk and understand how your ego, emotions and culture influence your perception of risks and the way you make decisions,
  • Always do a potential risk analysis when making important decisions, and finally
  • Learn the latest and most Risk Management methodologies and tools to improve your effectiveness as a decision maker.

Fortunately, managing risk to make good decisions is a skill set that can be learned and continuously improved on. Avoiding relying too much on instincts and bold ‘faith’, You can learn a logical, systematic and practical approach to integrate risk management in decision-making in a way that doesn’t require endless analysis, but helps you to confront the facts, assess the impacts and weigh the options available to you to ensure that your decisions will be the best decisions possible in a given situation.

 

In summary, Learning Risk Management can help you deal with the challenges of modern life and is a key competitive advantage for a long sustainable successful career.

The Cautious Administrator

Profile Characteristics

Your DOMINANT profile is the Cautious Administrator.

You are quite happy with what you have achieved so far in your life, now you want to quit the “rat Race” and “play it safe” in order to preserve it. You do understand that there are a lot of risks involved in life and business. In fact, you are somebody who believes in Murphy Law - “If anything can go wrong, it will!”

So you are now spending a lot of time identifying and analysing what could go wrong in order to devise strategies to prepare and protect yourself and your organization. Value preservation is your key priority and you are fearful of the risk of making wrong decisions and hence tend to focus on avoiding risky activities, delaying difficult choices and developing protective mechanisms such as loading up on insurance.

 

Profile Consequences

While your expertise in risk management will help you mitigate risk to a certain extent, you also often end up missing the opportunities presented to you and spend too much time focusing on building costly protection systems that may not even work in the end. The sad thing is that no matter how many layers of protection you build up, the Murphy Law will indeed apply and sooner or later something will change in your organization or in your environment that may destroy all what you have so patiently built.

Steps towards improving your position

While protecting against the negative consequences of risks is important and necessary, it should not become an hindrance and prevent from seizing opportunities. If you cannot change you and your organization will slowly but surely slide into cautious mediocrity incapable to adapt to an always-changing world. Your Risk management controls systems will only provide you with a pseudo security and when you find out, it will be too late.

 

Become a Smart and effective Risk Taker, Not a Cautious Administrator

The really successful business leaders who are able to establish durable organizations such as Warren Buffet or Bill Gates are very eager risk-taker but they know what they are doing. They are incredibly accurate calculators of risk and are very good at devising strategies to optimising their own risk/return balance. They won by understanding what they were doing and how much risk they were willing to take to achieve their objectives never by relying just on luck.

You must learn to limit the possible negative consequences of risk while at the same time optimizing the potential benefits of its associated opportunity.

To achieve these, you can:

  • Improve awareness about your attitude toward Risk and understand how your ego, emotions and culture influence your perception of risks and the way you make decisions,
  • Change your mindset about risk. Since risk is inherent in the nature of life, learn to become more comfortable with taking risks. Without risk, there would not be any opportunity and life would be very boring,

Learn the latest and most Risk Management methodologies and tools that focus on Value creation not just Value Protection.

The Victim of Life

Profile Characteristics

Your DOMINANT profile is the Victim of Life.

Is taking risk bold or foolish? You would answer that it is foolish. While you might or not admire famous and successful risk takers such as Steve Job or Richard Branson, the truth is that when facing risk, basic human instinct seems to drive most people to play safe and try to run for cover. After all, we have all heard of or seen disasters befallen those who took too much risk: people who quit stable jobs, only to be out of work six months later and some who buy properties or shares at the highest price just before the market collapse.

Furthermore, through sometime painful experiences (You might have been fired once, been involved in an accident, Lost your investments, etc.), you have come to think that Life is not a peaceful and happy journey but one, which is fraught with dangers and uncertainties over which you have very little control. Due to those experiences you may have developed a victim of life syndrome and you now blame everything and everybody (economy, government, boss, spouse, etc) for your problems.

 

Profile Consequences

Unfortunately, when you adopt such a negative approach towards uncertainty and resist any change while constantly trying to avoid risks at all costs, you actually ensure that you will loose out. Sadly, you cannot run away from risks and problems forever. There is nowhere to hide!

Everyday you have to make decisions and the bottom line is that you have to take responsibility and make good decisions. Your success in both your private and professional life depends in a large part on your ability to make tough decisions that can create value for yourself and for your organization despite all the risks involved.

Steps towards improving your position

Whatever the decision we need to make, our best approach is to become informed, emotionally aware and rationally capable of analyzing seemingly conflicting information and risks to arrive at a sound decision. It is not as tough as you might think.

 

Don’t be a Victim of Life, become a Smart and effective Risk Taker

To do so, we need to understand some basic concepts, methodology and tools of risk evaluation and decision-making. Risk Management helps you understand the impact of your decision on all operations. It creates the models and tools to predict outcomes and build the countermeasures to prevent unintended and undesirable consequences. The final outcome is minimized risk and higher returns. To achieve these, you can:

  • Improve your risk awareness and understand how your ego, emotions and culture influence your perception of risks and the way you make decisions,
  • Change your mindset about risk. Since risk is inherent in the nature of life, learn to become more comfortable with taking risks. Without risk, there would not be any opportunity and life would be very boring,
  • Always do a potential risk analysis when making important decisions, and finally
  • Learn the latest and most Risk Management methodologies and tools to improve your effectiveness as a decision maker.

Fortunately, managing risk to make good decisions is a skill set that can be learned and continuously improved on. Avoiding denial, or relying too much on instinct or on the contrary over-analysis, You can learn a logical, systematic and practical approach to integrate risk management in decision-making in a way that doesn’t require endless analysis, but helps you to confront the facts, assess the impacts and weigh the options available to you to ensure that your decisions will be the best decisions possible in a given situation.

 

In summary, Learning Risk Management can help you deal with the challenges of modern life and is a key competitive advantage for a successful career.

The Smart and effective Risk-Taker

Profile Characteristics

Your DOMINANT profile is the Smart Risk Taker.

You clearly understand that your long-term success as a manager and leader depends in a large part on your ability to take risks effectively by making decisions that can create value for your organization by optimizing the risk/return balance in any given situation.

Fortunately, managing risk to make good decisions is a skill set that you have learned and continuously improved on. You have found a logical, systematic and practical approach to integrate risk management in your decision-making in a way that doesn’t require endless analysis, but helps you to confront the facts, assess the impacts and weight the options available to you.

Steps towards improving your position

Even though you already have extensive experience in making tough personal and business choices based on sound risk management principles and tools, you may have noted that the increasing uncertainty and complexity in today’s global and volatile environment cause many decisions to be even more difficult to make, especially those involving significant changes such as new jobs, new R&D projects, new products and new ventures. Continuous learning is critical to keep you on the edge by ensuring your knowledge and skills set remain current and relevant to the challenges that you have to face.

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Risk LEADERS Module – RLM2
Business Ethics, Social Responsibility & Corporate Value Sustainability
Leverage the CSR Agenda to Develop a Moral Code of Conduct to Manage Risks & Create Shared Value

 

Synopsis

In a world where there is no clear moral compass to guide leaders through dilemmas about what is right or wrong when managing Risks and Opportunities. This module explores the complex ethical and social dimensions of business and provides a framework that will help participants make and justify difficult decisions. It further explores how to build a Business Model based on CSR to create shared-value through a positive impact of an organization's activities on the environment, consumers, employees and other stakeholders.

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Risk LEADERS Module – RLM3
Innovation, Change & Project Risk Management
Drive Projects Successfully with Risk Management

 

Synopsis

This information-packed module covers the fundamentals of project risk management. You will learn how to establish and implement a structured approach to forecast, monitor and manage risk factors for projects, large and small. You will also learn how you can communicate effectively and share the responsibility of managing project risks with your team members, customers and management.

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Risk EXPERTS Module – REM1
Risk Assessment & Corporate/Project Value Profile Diagnostic
Risk Assessment Methodologies for Strategic & Operational Risk Mapping

 

Synopsis

Modern organisations are now confronted to an increased level of volatility and complexity in today's global business environment. And to make effective decisions, you will need to conduct a proper diagnostic of the risk profile of your organization. This module will introduce our Value and Risk mapping model, highlights the benefits, and summarizes the method of identifying, analysing risks and developing risk maps. It will also describe several applications, some pretty unconventional, for risk mapping in an organisation.

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Risk EXPERTS Module – REM2
Risk Learning, Communication & Decision Making
A practical Guide to Master Communication of RIsk Information & Enable Effective Risk-Taking

 

Synopsis

This module provides the techniques and training in developing people who can master the art and science of communicating about risks with the various groups of internal and external stakeholders. Thus, proactively anticipates on risk issues and prevent crises or if a crisis is inevitable, to limit and overcome the damage it creates.

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Risk EXPERTS Module – REM3
Risk Control & Business Continuity Management
A Framework to Build Resilient Risk Management Systems & Solutions to Foster Effective Risk-Taking, Mitigation & Monitoring

 

Synopsis

This module provides an understanding on the types of ERM Models that can be designed to deal effectively with the risk issues an organization is exposed to. Participants wil learn the Key Risk Controls to Protect your Tangible and Intangible Assets. This module will guide you through a wide range of risk management strategies/interventions, explains how they work and suggests when they are most appropriate.

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Risk EXPERTS Module – REM4
Risk Financing & Transfer Solutions
How to Finance Risks to Your Business and Operations Effectively through the Use of Capital, Insurance & ART Techniques

 

Synopsis

The module provides a detailed understanding on the wide range and types of losses an organisation is exposed to and the potential financial impacts of those losses. Participants wil learn the Key Risk Financing Techniques to protect the Tangible and Intangible Assets. How and when to select and apply the right financing Techniques and how to analyze carefully the pros and cons associated with the financing techniques of transfer, retention and insurance.

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Risk EXPERTS Module – REM4
KRIs/KPIs Dashboard: Risk Monitoring, Reporting & Improvement
Develop an Effective Key Risk Indicators (KRIs) Dashboard to Measure, Monitor & Improve Organisational Performance in Managing Risks.

 

Synopsis

Without proper risk metrics, there cannot be any risk management. This module will explore the two dynamic processes of strategic/operational response and continuous change learning that are critical for an effective risk control system. It also explains how they can be explicitly structured and monitored, using a series of reports and Key Risk Indicators (KRIs) and distributed timely to the people who need them to make the right decisions.

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Risk CHAMPIONS Module – RCM1
Designing ERM: Risk Management Frameworks, Systems & Culture
Design an ERM System Adapted to Your Organization's Needs & Maturity to Foster Effective Management of Risks

 

Synopsis

This module provides a comprehensive framework to design an ERM system and policies adapted to your organization's business needs and maturity, allowing you to address business issues, stakeholders concerns and new regulatory in an efficient and integrated manner. ERM can yield tremendous potential competitive advantage for an organization through an integrated, enterprise-wide perspective on its risk profile aligned with its business model.

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Risk CHAMPIONS Module – RCM2
Implementing ERM: Systems Change & Nurturing a Risk-Aware Culture
Making ERM Part of Your Corporate Culture DNA to Create the Conditions for Effective Risk Information Sharing & Decision-Making

 

Synopsis

This thought provoking and practical module will give participants an insight into the various ERM change methodologies and models, and their implications for corporate systems and culture transformation. You will learn a project implementation roadmap on how to nurture the type of risk-aware culture able to learn and adapt to continuous changes in the environment, and thus creating sustainable value for your organization.

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Risk CHAMPIONS Module – RCM3
Sustaining ERM: Managing Changes, Crises & Business Sustainability
Protect Your Organization's Present & Future with Effective Crisis Management & Communication Preparedness

 

Synopsis

This module emphasizes on the importance of ERM to build the organizational capability for contnuous learning and business renewal. It provides a roadmap to deal with change and crises with a practical problem-solving approach and a focus on the importance of system resilience, stakeholders' perceptions management, effective crisis communication and preparedness in preventing or controlling crisis situations.

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Risk PROFESSIONALS Module – RPM1
Corporate Reputation & Stakeholders Risk Management
Manage Your Reputation as a Strategic Asset to Create Competitive Advantage in the Marketplace

 

Synopsis

In today’s volatile and competitive world, the value of corporate reputation is a key component of business and organizational performance. This module provides participants with a road map on how to manage Reputation as a strategic asset to create competitive advantage in the marketplace. It covers how to manage communication with key stakeholders to build a strong relationship and a survival guide on how to preserve reputation through a crisis.

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Risk PROFESSIONALS Module – RPM2
Corporate Governance & Risk Management
Strengthen Corporate Governance to Promote Transparency, Accountability and Effectiveness in Management Practices

 

Synopsis

Corporate collapses and the financial crisis have highlighted the weaknesses of existing internal controls and risk management systems and the need for a higher level of corporate governance to better align and protect the diverging interests of the various stakeholders in the corporate “game”. This module will guide you through a comprehensive plan on how to strengthen corporate governance by promoting transparency, accountability and effectiveness in management practices.

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Risk PROFESSIONALS Module – RPM3
Corporate Ethics, Fraud & Compliance Risk Management
Leverage Regulatory Compliance Requirements to Create Value with Risk Management, and Combatting Fraud with Strong Corporate Ethics & Effective Prevention/Detection Systems

 

Synopsis

This practical module will provide you with the most updated current methodologies and best practices to protect your organization against fraud with strong corporate ethics, effective prevention and detection systems. Participants will also understand the extent to which organizations are exposed to the ever-increasing regulatory environment, how to identify the risk and compliance issues that have most significance and how to integrate and leverage a compliance management program within the ERM system of your organization.

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Risk PROFESSIONALS Module – RPM4
Corporate Control, Internal Audit & Risk Management
Best Practices for Auditing Risk Management & Conducting Effective Risk-Based Internal Audit

 

Synopsis

This module provides a practical roadmap on how to conduct effective Risk-Based Internal Audit (RBIA). You will learn how you can employ risk-based methodologies in planning and conducting audits to provide assurance on the adequacy of integrated risk management practices and management control frameworks.

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Risk PROFESSIONALS Module – RPM5
Corporate Performance & Human Capital Risk Management
Enhance Your Human Capital Resilience & Productivity Using Risk Management, and Reward Real Performance through Risk-Adjusted Performance Management Systems

 

Synopsis

This module presents a methodology that maps the human relationships in organizations to identify where and how they affect organization performance. You will learn how you can influence your people and nurture the type of behavior & culture that supports sustainable value creation for your organization. This module will also teach you how to develop and use the right risk-adjusted Key Performance Indicators to drive your people’s behavior and support your business performance. By linking unambiguously the results and decision-making processes with appropriate metrics, considering all the risks involved, you will ensure that your staff’s behavior will be aligned with your organization objectives and interests.

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