The Psychology of Risk Blind Spots – Avoiding Common Risk Governance Pitfalls

Assembling a risk register is common practice for many boards. However, there are several critical factors that determine whether the risk governance process successfully builds a sound risk culture of organizational resilience, business continuity, accountability, and effective recovery during a crisis. How can directors identify and avoid risk groupthink, blind spots during risk identification, overly optimistic estimations of risk likelihood or impact, and underestimating how risks cascade and grow?

Reflecting on recent years, did your board or organization anticipate and effectively prepare for current risks such as COVID-19, widespread forest fires across Canada, international war events, cyber-attacks, increased frequency of extreme weather events, or inflationary pressures?

This session will take a different look at board risk governance to address the following questions:

How does risk groupthink and the recency effect create a false understanding of the risk profile?
Why is risk recovery so often overlooked, and what are the damaging implications?
What are the important questions directors should ask about business continuity and resilience?

These dynamics can prevent boards from successfully identifying, assessing, and mitigating risks. This session will provide viewers with a unique view of the psychology behind identifying and accurately assessing hidden risks. We will discuss how to assess risks with greater objectivity and provide governance methods that can heighten risk management accountability. Finally, we provide a governance framework for creating better resilience during times of crisis to reduce the impacts of risk on organizations.

This session is appropriate for both corporate and NFP directors who want to better understand the nuances of risk management.

Date

November 29, 2023 3:30 - 5:00 PM ET

City

Zoom Webinar

Location

Virtual Session via ZOOM, Toronto ON

CEUS

Price

MEMBERS: $25
NON-MEMBERS: $40