Biases and Risk

Abstract

I dentifying and quantifying risk are two of the most important activities in which risk managers engage. Research in psychology over the last four decades has taught us that these activities are extremely vulnerable to judgmental biases. People overestimate some risks and underestimate, if not overlook, others. What are the major biases that risk managers need to understand in order to exhibit expertise? And what can be done to help mitigate these biases? These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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