Know your risks - make better decisions!
On this page we will explore the concept of risk and show you how an understanding of risk can help you to make better decisions, at home, at play, at work or wherever you may wander!
Watch an introduction here.
Learn why risk is important to us. Now more than ever, we need to be aware of, and understand our risks. Our world is changing and many of those changes affect the risks that we deal with.
Risk thinking is instinctive in intelligent organisms, but some people or organisations, do it much better than others. Here is a brief history of risk to put modern risk thinking into perspective.
We are surrounded by risks and we’re also surrounded by hazards, so what’s the difference? Very simply, a hazard is any item that has the potential to cause harm. Whereas, a risk issue is the actual harm that the hazard could cause.
The real value of risk thinking is that it takes into account not only the consequences of a hazard, but also how likely that event might be.
Once we’ve identified a risk that we’re concerned about, we then need to decide what we’re going to do about it. Our goal should be to bring the level of risk as far into our comfort zone as possible – as far below our line of risk tolerance as we can.
Obviously, our goal is to try to avoid nasty surprises and prevent harm, whilst maximising the opportunities that taking risks can offer. Using a risk-based approach certainly helps to achieve this goal, but all too often it’s the unpredictable events that take us by surprise and throw our lives into turmoil.
Some more risk resources:
Risk Bites is a Youtube Channel run by Andrew Maynard, who is a professor in the School for the Future of Innovation in Society at Arizona State University, and Director of the ASU Risk Innovation Lab. There are lots of quirky, easy to understand animations about risk.
Risk Views is a long running blog about risk and enterprise risk management (ERM). With ten years’ worth of contributions from some of the World authorities on risk.
Understanding Uncertainty is a website created and run by Professor David Spiegelhalter of Cambridge University (UK). Tons of in-depth information about risk.
Risk-Ed is a website designed to help you understand risk. It’s a fun approach to risk education and has an environmental focus.