Major topics covered:
The nature of risk
You will enhance your ability to define risk, and also, better understand the ways that individuals, groups and organisations behave in relation to risk.
Risk management practices
During five intensive days, you will consider risk in terms of both loss and gain, in addition to organisational issues relating to differential management of risk. For example, some organisations seek extremely low levels of risk, e.g. power or transportation, whereas others accept a balance between risk and return, e.g. start-ups, or innovators. You will then engage in discussion topics around how risks are simultaneously created and mitigated, and responsibilities for managing risk.
Individual-level drives and motives influence preferences for risk-taking that shape individual behaviours. This executive programme will allow you to examine how genetics, experiences and personality influence risk perception and, with a global perspective, discuss the implications for individual-level choices as well as groups and organisations.
Sociological approaches to risk
Definitions of risk and approaches to it are influenced by social variables. This intensive course will look in particular at the idea of ‘risk culture’ and behavioural approaches to risk management.
You will be challenged to consider the importance of understanding real-world decisions, non-rational decision processes and their implications for organisational risk management. Your theoretical toolkit will be expanded through the use of expected utility theory, prospect theory and framing, to understand how decisions are made and where decisions deviate from rationality.
Organisational risk management practices are designed to achieve particular goals that relate to organisational objectives. Interactive case discussions will allow you to review a range of risk management practices and consider whether they take account of individual, group and organisational process.