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UNDERSTANDING AND MANAGING RISK ATTITUDE

Page 1 of 11 Copyright 2004 David Hillson/Ruth Murray-Webster UNDERSTANDING AND MANAGING RISK ATTITUDE David Hillson1 & Ruth Murray-Webster2 1 Director, Risk Doctor & Partners, 2 Director, Lucidus Consulting, INTRODUCTION Risk management is recognised as an essential contributor to business and project success, since it focuses on addressing uncertainties in a proactive manner in order to minimise threats, maximise opportunities, and optimise achievement of objectives. There is wide convergence and international consensus on the necessary elements for a risk management process, and this is supported by a growing range of capable tools and techniques, an accepted body of knowledge, an academic and research base, and wide experience of practical implementation across many industries.

uncertainty, whether aleatoric variability or epistemic ambiguity. The key distinction between uncertainty and risk arises from consideration of the consequences. Perhaps the simplest definition of risk is “Uncertainty that matters”, since uncertainty without consequence poses no …

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