The Risk Within
First published:
ISBN: 978-1-78272-458-2
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What is psychological safety and how does it impact organisations?
Acknowledgements
Introduction
What is psychological safety and how does it impact organisations?
The seven principles of psychological safety in managing risk and uncertainty
Blending transparency, accountability and risk strategy
Empowering teams for effective risk management
Leveraging setbacks for informed risk management
Integrating adaptive and agile risk intelligence with psychological safety
Building a foundation of trust and oversight
Cultivating supportive environments
Organisational maturity assessment
Dealing with multicultural environments
Change management
Establishing the roadmap
Adapting the risk function
Conclusion
A personal ask
Appendix
References
Psychological safety is the cornerstone of robust risk management practices, enabling organisations to embrace uncertainty and complexity with resilience and confidence.
The “fail fast” ethos is prevalent across the tech start-up world. This culture is underpinned by a powerful belief: that the very setbacks we instinctively shy away from can, in fact, become the stepping stones to tremendous success. And not being afraid to take risks and then failing is at the centre of this belief.
Take Airbnb, the organisation that revolutionised the hospitality and holiday property rental industry. In its early days, Airbnb’s founders experienced a slew of failures and quickly ran out of money as their Air Bed & Breakfast concept was not working. Yet, they embraced these failures as valuable lessons, laying the foundation for a culture that thrives on experimentation. They started selling boxes of cereal for US$40 a piece, and quite successfully so, and although this was not enough to turn their business around, this bold move opened the door to what their business became today.
The “fail fast” culture encapsulates a fundamental truth: innovation flourishes in an environment where risk-taking is
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