Module two: The Psychology of Risk

Prework: 1 hour
Intensive: 3.5 hours
Assessment: optional

In volatile, uncertain, complex and ambiguous (VUCA) operating environments, the need to both mitigate and take risks is critical to success.

As organisations lock-down and seek to minimise risk, they may be inadvertently missing out on opportunities. Future organisational capabilities include a deep understanding of human psychology that balances risk-aversion and risk-taking.

The individual and organisational capacity to both master the skill of mitigating risk while jumping on opportunity will be a critical differentiator in the months and years ahead.

This module focuses on the importance of the non-conscious in judgement and decision making, and its importance in the capitalisation of risk. An introduction to the social psychology of risk and how judgement and decision making are affected by social arrangements is also examined.

Key module content includes:

  • risk and social complexity in a networked age
  • creating a dynamic risk equilibrium (DRE)
  • understanding the principles of behavioural economics
  • evaluating the role of the nonconscious in decision making as it relates to uncertainty
  • psychological principles and the risk effects on the relationship between self and others.

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For more information or to discuss this program contact Executive Education at executiveeducation@acu.edu.au or call +61 2 9739 2652.

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