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Risk Intelligence : The people dimension By A.V. Vedpuriswar Based on the book by David Apgar What is Risk intelligence ? Companies must proactively build their capabilities to deal with risk. Learning plays an important role here. Companies must assume those risks where they have a learning advantage. Learning effectiveness is enhanced if we leverage the strengths of people working in the organization. Risk intelligence score Impressionists, encyclopaedists, and amnesiacs The three patterns of risk assessment are impressionists, encyclopaedists and amnesiacs Impressionists anchor on highly memorable experiences that often lack relevance to their immediate problems Encyclopaedists accumulate a wealth of superficial knowledge that lacks surprise and tells little that’s not already known Amnesiacs gather experience that’s relevant and memorable. But they don’t distinguish it from less important information and do not preserve it for ready use when needed. Impressionists (1/3) Impressionists anchor on strong experiences and then apply them broadly. The problem is that they apply them too broadly. The memorability of their experiences is much greater than the relevance of their experiences. The impressionist’s highly memorable experiences are misleading when they are not relevant to a particular problem or the risks underlying it. Impressionists (2/3) It’s precisely because improbable experiences make such a strong impression on us that we try to apply them where they are irrelevant. Impressionists are average in the amount and diversity of experience they bring to bear on their projects’ risk problems But their experiences are typically strong in surprise while weak in relevance to most of the problems they face How can impressionists enhance the relevance of their experience without sacrificing its memorability? Impressionists (3/3) The three most important practical steps impressionists can take fall under three of the elements of the risk intelligence score: r