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Countering Biases in Risk Analysis

In: Enterprise Risk Management

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  • Stefan Hunziker

Abstract

Many risk management programmes in companies are not as effective as they could or should be. This is due to many overlooked factors, such as motivational and cognitive biases. The topic of biases, although much theoretical and empirical literature exists, is rarely addressed in ERM. Many studies show that mistakes made in risk identification and risk assessment distort results. Also, decisions drawn from the risk management process may be suboptimal. In the following, we discuss some of the most important biases in risk analysis. We introduce corresponding debiasing strategies.

Suggested Citation

  • Stefan Hunziker, 2021. "Countering Biases in Risk Analysis," Springer Books, in: Enterprise Risk Management, edition 2, chapter 0, pages 17-51, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-33523-6_2
    DOI: 10.1007/978-3-658-33523-6_2
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