What challenges do managers face when assessing problem solving skills in risk management?

The biggest challenge that Managers face is that we as risk managers sometimes get more infatuated with the "problem" than the "solving" (solutions) part. We should remember that in risk management, "problem solve" should be seen together. Yes, we need to understand/call out the problem really well, but also suggest/act on risk mitigation strategies, which is the "solve" part of the puzzle. So, IMO, it's a "mindset" problem more than anything else.

One of the biggest challenges in risk management is bias. If you go looking for a problem, a problem you will find. It takes sincere effort to review each challenge as an individual effort, to not view it through the lens of the last challenge you faced, or other similar challenges. True risk can be overlooked if you've decided beforehand what the issue is likely to be. Open minds allow us to set prior challenges and bias aside.

When defining a problem during risk analysis, one of the main challenges is avoiding distractions that can come from biases and information without any data or scientific basis. It is important to focus on describing the current state versus the desired state clearly and concisely One needs to remain conscious of avoiding the solution mode at this stage. The identified problem should based on tangible evidence, rather than personal bias or assumptions

In the field of risk management, managers often face numerous challenges when trying to access problem-solving skills. One major challenge is the complexity and unpredictability of risks. In many cases, risks can arise from various sources and can be difficult to identify and understand. This complexity makes it difficult for managers to develop effective problem-solving strategies. Another challenge is the pressure to make quick decisions. In risk management, managers are often required to make rapid decisions in high-pressure situations. This can make it difficult to access problem-solving skills effectively, as managers may feel rushed and unable to thoroughly analyse the situation.

I guess it's accuracy of input from within the team; risk assessment generally requires knowledge of status quo in order to identify vulnerabilities in light of impending developments

Outcomes are never certain. It may be better than expected some times or it might be worse. Not being too outcome oriented helps in a certain way. Effort should be recognised and measured.

once problem is identified and well defined so solution will be analyzed with their all possible outcomes and their measures , this will help to mitigate the risk.

I can't stand seeing the comments of the experts that just rewrite the paragraph in the same words but in different order. The outcome of this problem is that the comment has no any value at all. The outcomes should be clear to the risk manager, otherwise it's better to just fire him.

Oh, we are talking hear about how the Head of risk managers will assess the quality of his employees. For this reason, he should build the benchmark of the process and evaluate the deviations of managers from this benchmark. Having no a banchmark is a total absence of risk management in the company

When managers try to figure out how well someone can solve problems in risk management, they face a few tough issues. Judging these skills can be very subjective and risks are complex, which makes it hard to test in a normal setting. Soft skills like problem-solving don't have clear ways to measure success, and stress, which changes how well someone solves problems, can't be easily copied in a test. Managers must avoid their own biases and make sure they're not just seeing a lack of good communication. To fairly judge problem-solving skills, they often use a mix of different tests and clear guidelines.

Consider for the risk management function or department to have the right balance between appointing experienced risk managers and experienced staff with the right institutional knowledge.

It is essential to have a training program to ensure basics and improvement for skills that leaders who manage risk should and must have in the organisation.

The organisation needs to set the tone from the top by adopting a policy where the managers / heads of departments are made accountable and responsible for risk assessments. The Risk Manager would act as a mentor, trainer, educator, guide etc in the process. This approach helps to overcome the barriers and challenges that are faced. This would also create a culture of continuous improvement.

Constructive approach to fix gaps and lapses is must. As far as possible, self audit should be used as an effective tool to identify gaps early. Risk managers proactively identifying the gaps must be appreciated and not held responsible for gaps. Proactive resolution of gaps will prevent lapses and damages in future.

Institutional Knowledge as a resources to tap into. The opinions of those staff members that have been around in the organization for a number of years should not be overlooked. They may have a good understanding of what the underlying issue is and even how to solve them but might not be in a position to create the right context.

As Donald Rumsfeld allegedly stated as to risk management: There are 2 known knowns. There are things we know we know. There are things we know we don’t know. And then there is the third risk item - things we do not know that we do not know. For risk management the third item creates the greatest challenge and most often requires advice from trusted advisors.