Navigating governance, compliance and risk, with Garry Honey

Today's Guest:

Garry Honey is a consultant, author and business coach who advises boards and leadership teams on risk perception to ensure better collective judgement.

Garry joins me to discuss the different meanings of risk, how people view risk differently, and what boards need to know about risk.

We talk about the different factors that cause people to misidentify risk, what risk blindness is and the non-financial costs of risk to organisations.

Connect with Garry on LinkedIn

You'll learn:

• What boards need to know about risk.
• Key factors that cause people to misidentify risk.
• What risk blindness is and why it's a problem.
• How to manage uncertainty.
• The non-financial costs of risk to organisations.
• How boards can improve their risk outcomes and protect their reputations.

Resources:

• Scenario planning
• Horizon scanning
• Christian Hunt on The Human Risk
• The Risk Coalition

In this episode, we talk about:

[1:57] The different meanings of risk and how people view risk differently.

[05:15] How to manage uncertainty.

[08:14] What boards need to know about risk.

[10:24] The importance of having a flexible tolerance to risk in governance.

[12:07] How company structure and performance measures affect their long-term strategic aims.

[17:22] Key factors that cause people to misidentify risk.

[20:29] How to overcome the challenges associated with risk blindness.

[26:37] How to talk about risk to investors.

[29:13] The benefits for boards identifying future risks.

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Quotables:

• 2:41 - "Risk is both an opportunity and a threat."
• 25:01 - "Stop insuring with an I, start ensuring with an E. In other words, manage and mitigate and get on top of stuff rather than just passing the risk over to someone else and paying a premium for that."

#safety #insurance #riskmanagement #governance