To many risk managers who have spent years identifying, analysing and mitigating risks, the concept of risk-based decision-making may seem very different, daunting or even somewhat scary. But making the change is not as challenging as it may appear. In this interactive virtual panel discussion, our experts walk us through how we can effectively apply risk-based decision-making – and you can quiz them live with your questions
Who are the panellists?
Alexander Larsen, president, Baldwin Global Risk Services
Alex Sidorenko, chief executive, Risk Academy
Danny Wong, founder of GOAT Risk Solutions and former director of corporate risk at InterContinental Hotel Groups
Hans Læssøe, principal consultant at AKTUS and former risk manager of The LEGO Group
What is risk-based decision-making?
Risk-based decision-making is the deliberate inclusion of uncertainty, risk and opportunity considerations in the preparation and making of a decision.
This is opposed to “execution risk management", which is: “actions taken to control or mitigate a risk (already) taken”, implicitly by doing what you are doing in whatever industry/market you are in, with whichever aspirations and strategies you deploy and decisions you have made.
There are no issues with actions/execution in risk-based decision-making, nor any with the notion that there are decisions in execution risk management. Real life is not either or, but some combination of both.