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2019 | OriginalPaper | Chapter

2. Countering Biases in Risk Analysis

Author : Stefan Hunziker

Published in: Enterprise Risk Management

Publisher: Springer Fachmedien Wiesbaden

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Abstract

Many risk management programmes in companies are not as effective as they could or should be. This is due to a number of frequently overlooked factors, such as motivational and cognitive biases. The topic of biases, although much theoretical and empirical literature exists, is still rarely addressed in relation to enterprise risk management. Many studies explicitly show that mistakes made in risk identification and risk assessment significantly distort results and decisions drawn from the risk management process. In the following, some of the most important biases in risk analysis and corresponding debiasing strategies are discussed.

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Title: Countering Biases in Risk Analysis
Author: Stefan Hunziker
Publisher: Springer Fachmedien Wiesbaden
Book: Enterprise Risk Management
Print ISBN: 978-3-658-25356-1

Electronic ISBN: 978-3-658-25357-8

Copyright Year: 2019
DOI: https://doi.org/10.1007/978-3-658-25357-8_2