Behavioral Risk Management for Improper Risk Taking

Goto Shigeyuki ()
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Goto Shigeyuki: Mitsui Sumitomo Insurance Group Holdings, Inc., 2-27-2, Shinkawa, Chuo-ku, Tokyo, 104-8252, JAPAN

Advances In Management, 2009, vol. 2, issue 4

Abstract: Many errors in risk management result from psychological biases in decision-making under uncertainty. Even when we actively seek to eliminate such biases, they remain unconsciously. This suggests a need to change our mind set. Because biases are always with us, we must consider counter-measures to mitigate them when they appear. This paper recommends building a particular framework, as a routine within the traditional risk management process that monitors for improper risk-taking. The routine is called Behavioral Risk Management (BRM). Tools derived from behavioral study, error management and quality control methods are the components of such a routine.

Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:mgn:journl:v:2:y:2009:i:4:a:1

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