How can you create a risk-aware mindset among learners and stakeholders?

The best way to help people understand the importance of risk, is to talk less about risk and more about objectives and outcomes. Have a discussion about what needs to be done to achieve the desired outcome. eg establishing clear communication lines with the project implementation partner may be determined as a critical success factor. By focusing on this , risk of project delays is managed.

From experience, I think the best way is to ensure all staff take ownership. Get them to understand the objectives and see the benefits of being risk aware.

Framing is important to take people on a journey of why its important and the value of risk is really bordered by two main points - what is the maximum foreseeable gain and the maximum foreseeable loss. Whilst the ’why’ will change depending on the person in the company at a micro-level, if you have a culture of learning and managing risk it makes it easier that macro level perspective answering the two questions above makes sure everyone is singing from the same song sheet.

In the risk management process, clearly defining the type of risk (i.e. safety, finance or fraud) and the desired outcomes are a starting point. Introducing consistent discussion and engagement about risk with all relevant staff creates awareness and will drive organisation culture where the responsibility for its implementation is driven by staff.

The best way is to put risk from an everyday language and perspective. Helping people realise that they've been doing risk management in some form and show how it is crucial towards enabling them to do what they need to do.

Be cautious not to carte-blanche this. A lot of organisations are complex and the risk appetite of one part of the business can be different to another. This is where being subject matter experts help as you can then move away from the prescriptive black and white, or yes/no checklist to operating in the grey. This is where the real value of the organisation stands out against its peers.

Creating a risk aware mindset starts with education. In risk management the most effective educational tool is taking people through examples of where risk management failed. This highlights why risk management is an important tool in the business tool-box. The best example, that is topical, is the wildfires on the beautiful island of Maui in Hawaii. It is an example where known risks were ignored for a number of years that lead to destruction, mass loss of life and the destruction of an economy. Had the appropriate actions been taken after the risks of wildfire were raised the impact of the recent wildfires would have been considerably reduced. So folks if you want to increase your risk mindset start the education process.

Perhaps, but I’ve worked across industries and what I found worked well in another industry was able to be easily applied to another which provided good through leadership to other SMEs who specialised in only one field.

Engaging students in historical case studies where risk and outcomes are highlighted with negative consequences. Introducing critical thinking and students ability to discuss and analyse the various risks highlighted, the root cause of the risk and outcome including how specific mitigation could have reduced or prevented the incident is a valuable approach for individuals in assessing their own working environment.

In financial institutions, it is important to embed a risk culture and ownership. Clearly communicated, understood and agreed Key Risk Indicators is vital in managing risks. Monitoring and reporting breaches and holding accountable persons responsible for their risks is also essential.

Consider adding before this paragraph a new paragraph that will emphasizes the significance of integrating risk management into daily / weekly / monthly routines. Highlight how identifying and assessing risks as part of normal operations can instill a proactive risk-aware culture. I would also address the concerns about a burdensome and bureaucratic process. By incorporating risk assessment seamlessly into everyday tasks, learners and stakeholders will come to understand that risk management is an ongoing process integral to their roles, rather than a sporadic activity reserved for special occasions.

I think you’re missing policy, process and procedure for risk management. Feedback and reflection is great but at periodic intervals or reviews of the procedure. Everyone has an opinion but constantly adjusting and pivoting can really tie down a company and make it very confusing for the person in the company and the suppliers/vendors and costly to operate within. Obviously, this only apply when all else is equal - if there is a large global or industry pivot, the feedback and change is necessary outside of the periodic cycles but if the management process/policy is suitable, it should already be able to encompass/plan for future possible changes. There is also a maturity curve with managing risk which will impact this.

Being able to discuss risk openly and to report issues without concern of negative response from leadership is what defines an organisations culture and approach to risk.

To foster a healthy risk awareness mindset as risk managers, we ought to ensure we Effective communication between all stakeholders involved in every activity. Meaning everyones opinoin matter as far as risk management is concerned. Sharing of scenarios and cases that have happened before on risks that has happened and how these risks were managed. This create an important learning for all stakeholders. Determine your risk tolerance and risk appetite within the organization and how to analyse these risk. Workers needs to be trained on how to use simple risk assesment tools to assess and rank risk and get them involved in cinducting risk assessment.

Risk management mindset begins at the top. All leaders in the organization must exhibit a high regard for risk management. Risk communication is an important process for soliciting opinions and disseminating information about the risk. This is displayed by leaders doing the following: 1. Asking questions about risks in proposals they receive. What are the risks, how are they mitigated, how are they measured. 2. Being open to questions about risk. 3. Use experts to understand and communicate risks 4. Don't try to manage every risk. Manage those with a high likelihood of occurring. 5. Communicate to the organization the risks the organization as a whole face. Make it everyone's job to measure and minimize these risks.

History is important! One of the key factors that we as risk managers should always follow is to keep all our SOPs organized. A key addition to such SOPs should be case studies of what went wrong in certain previous scenarios. A proper record should be kept in tact so that teams learn from past experience and do not leave any ends loose for such instance to be repeated. A step by step detail of what not to be done is equally important as a matter of record highlighting values, dates, names etc that the case comprised of. This gives the incumbent a more informed view of a situation that he/she may have to deal with in future. Eg a fraud instance maybe recorded with all nuances covering key details and it’s aftermath.