Summary of Cognition: Minding Risks

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Cognition: Minding Risks summary

Rating

8 Overall

8 Applicability

7 Innovation

8 Style

Recommendation

Lloyd’s sponsored this report on risk identification for the insurance industry, but don’t let that fool you. This is a focused, methodical overview that a wide range of readers will find useful. It explains the current understanding about human behavior in assessing risk. It addresses the impediments to clear thinking and identifying risk accurately that arise from organizational structures, human nature and society. getAbstract suggests this enlightening study to insurance and finance professionals, investors, innovators and anyone charged with “minding risks.”

In this summary, you will learn

  • What factors shape your understanding of risk,
  • How to assess your risk evaluation skills and
  • How your organization can improve its risk judgment.
 

About the Authors

University of Kent professors Mario Weick and Tim Hopthrow teach psychology, Dominic Abrams teaches social psychology and Peter Taylor-Gooby, OBE, teaches social policy.

 

Summary

Seeing What You Don’t See
A US government commission, formed to investigate the roots of the 2008 financial crisis, concluded that both individuals and enterprises, particularly lenders, “took excessive risks.” Organizations did not follow regulations, “and ethical principles were ignored...

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