Emphasizes objective risk management process that involves

Reference no: EM133371428

Assignment:

Corporate Risk Management emphasizes the use of a rational, objective risk management process that involves

knowledge of the organization's objectives,
the identification of risks that could potentially hamper achieving those objectives,
an assessment of the likelihood and impact of those risks on objectives,
an analysis of alternative methods of managing the risks (retention, mitigation, insurance, hedging, etc.).

A variety of behavioral biases have been identified in the behavioral economics literature that could cause decisions to deviate from what this rational, objective process would suggest. For example, one behavioral bias is the saliency bias, which refers to people placing too high of a probability on events similar to recent salient events.

Discuss another type of bias and how it could impact risk management decisions.

Reference no: EM133371428

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