Leadership Decision Making and Managing Risk
This course will develop managers and leaders ability to manage their own cognitive bias in relation to risk, improve decision making and promote the practice of effective risk management.
Why do this programme?
Research in psychology and economics found humans are systematically biased. Improving our ability to identify and understand errors of judgement can limit damage caused by such errors. Decision makers are more aware of cognitive biases and how they undermine decision-making, without us knowing. Companies cannot manage risk by limiting or eliminating their exposure to risks, as this would mean the limitation or elimination of opportunities. Poor decision making and biases act as barriers to effective risk management.
The concept of behavioural science is now widely used in industry. Investment advisors use it to understand investor behaviour, such as seeking behavioural alpha, the development of bubbles and herd like mentality. Policy makers use it to boost participation, we have seen the introduction of Auto-enrolment to boost pension participation. Marketers and sales professionals use it to understand and manipulate consumers, we see the use of promotions when doing our weekly shop.
3 Course Modules;
- Bias and intuition
- Decision making & corresponding barriers
- Risk behaviours, plus case studies
This course will benefit:
- Middle/Senior Managers
- SME business owners
- Key decision makers
- HR decision makers
- Understand the issue of cognitive bias, and how this affects decision making
- Understand how behaviours can be irrational in certain common scenarios
- Develop the ability to mitigate the impact of cognitive bias and make better, more informed decisions
- Harness the impact of cognitive bias and risk behaviours and make recommendations for change
The Leadership Institute Learning Experience:
This course is delivered from our interactive online classroom with;
- Expert led delivery
- Real industry case studies
- Peer to peer networking
- Breakout pods
- Online Learning Platform
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