Risk management is an essential part of life in any business or organisation. One aspect of risk that is often completely ignored is that of personal attitude to risk. This individual difference may have a considerable effect on how an employee makes decisions which involve some kind of risk to the organisation. This individual propensity for risk can be measured in detail using the Risk Type Compass on an individual and also a group basis.
The results can greatly assist boards and teams to understand their own biases and each others outlook when it comes to managing risk; speeding and guarding decision making. It can be used in recruitment/selection and coaching for personal development.
Individual appetite for risk will be influenced by the personality traits of the person, and by their environment and may differ depending which area of their life is involved. The insights from this can make a difference to understanding and improving the risk culture of any organisation.