During the Risk Management Summit attendees will use gameplay to gain a better understanding of probability and uncertainty and how they affect risk-taking
All risk management in some ways involves taking calculated gambles. But how well do we understand the probabilities of adverse events? How much about potential outcomes is known or unknown? And do we really understand the size of the bets we are making?
At the Risk Management Summit taking place in New Orleans on December 8, Pete Lindstrom, research director of International Data Corp. (IDC), will lead attendees through a game of placing bets and decision-making with uncertainty. Risk management often involves predicting the future, but many biases and tendencies can often get in the way of success.
The game is designed to get the risk manager into the right frame of mind to understand probability and uncertainty while still making decisions and "placing bets" about things, even without perfect information. During the game, participants will learn a little about confidence intervals, calibration, and ultimately risk management.
While the game is sure to provide some lighter moments, the Risk Management Summit will offer plenty of more serious sessions too, and some that may be downright sobering. For example, risk management experts Douglas Gay and Lisa Young will cover, "Moving from Threat to Consequence." During this session attendees will learn to move beyond gaining an understanding of the threat landscape to shift focus and to prioritize the capabilities that will allow the organization to operate no matter what threat materializes.
Another session, this one presented by risk management guru Norman Marks, looks at "Managing Risk Every Day as We Make Intelligent Decisions." He will look at how organizations can shift the risk management focus to include taking advantage of opportunities. He will consider how risk management can be a value-creating process and help companies achieve their objectives.
The summit will start with a session from Jack Jones, executive vice president of RiskLens, on "Evolving the Risk Profession." Jones will look at new ways to prioritize risks. During the session, he will highlight some of the key weaknesses in common (and even "best") practices, as well as share insights and simple steps organizations can take to evolve their risk management programs.