Media briefing. Nigel Stead
ITV and the London School of Economics and Political Science (LSE) have joined forces on a new research project to investigate the psychology of risk.
The collaboration between LSE academics and the UK broadcaster developed after Ruth Denyer, group head of health, safety and insurance risk management at ITV, completed an LSE executive education programme in the summer of 2016.
The five-day programme, ‘Managing Risks in Organisations’, uses academic theory from a range of disciplines including psychology and sociology to give participants a new way to think about risk. Among other things, it helps participants create structures in their organisations which will enable better decision making and more effective risk management.
Ruth Denyer outlines how the executive programme influenced both her personal views on her work and the wider approach to discussing risk at ITV:
“We’ve looked at changing the way we talk about things. We’ve come to understand how a model that doesn’t focus as much on behaviour is not a model that works for this business – indeed, it may not be the right model anywhere."
Being able to effectively manage risk is essential for a modern broadcaster like ITV, which seeks to make innovative and popular programming which can have an element of risk – from big-budget costume dramas to hit reality shows.
Ms Denyer is now working with Dr Emma Soane, one of the academics behind the LSE executive course, on a research project to better understand the psychology of risk management.
The research will look at the links between personality, decision-making style, perceptions of the working environment and potential outcomes, such as accidents.
A key aim of the project is to provide insights into the management of processes behind decisions, and the environment in which decisions are made. This will better inform approaches to risk management in a range of organisations and industries, including broadcasting.
As Dr Soane explains:
“Risk is clearly a significant consideration for ITV. We are examining how risk managers think and feel about risk. We are also assessing risk managers' views on how their teams make decisions about risk, and on the organisational climate. For example, do people feel empowered and enabled to speak up if they see something they’re worried about? Do teams that have a strong shared understanding about decision processes?”
The collaborative project is still in its infancy, with results expected by early 2018, but it is a strong signal of how LSE’s world-class training, alongside its world-class research, continues to have an impact on the UK’s leading industries.
Find out more about the 'Managing Risks in Organisations' executive programme.
Read a first-hand account of the benefits of the executive programme from ITV.