Effective Risk Management Starts With Better Decision-Making

Effective Risk Management Starts With Better Decision-Making

PHOTO:
Vlad Sargu

How can an organization ensure risk is appropriately considered in decision-making?

As I have been saying for quite a while now, decision-making is where risk is taken. We want decision-makers to consider all the potential consequences of a decision (in fact, all the potential consequences for each option on the table) before making an informed and intelligent judgment. We want to know that the right level of the right risks is being examined.

Related Article: Identifying, Assessing and Evaluating Risk Is the Easy Part

A Path to Improved Decision-Making?

Looking at whether the organization’s risk appetite has been exceeded…

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