The Risk Within
First published:
ISBN: 978-1-78272-458-2
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Appendix
Appendix
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
KEY DEFINITIONS
Financial risk: “Financial risk refers to the possibility of losses or reduced profitability arising from uncertainties in financial markets or economic conditions” (Investopedia: Financial Risk).
Lesson-learnt: “A lesson-learnt is knowledge or understanding gained by experience, which can be used to improve future performance or outcomes” (Cambridge Dictionary: Lesson-Learnt).
Non-financial risk: “Non-financial risk refers to the risk that arises from sources other than financial exposures, such as strategic, operational, compliance, and reputational risks” (Deloitte, 2017).
Operational risk: “Operational risk is the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events” (BCBS, 2003).
Psychological safety: “Psychological safety refers to an individual’s perception of the consequences of taking interpersonal risks in a particular context, such as the workplace. It involves feeling safe to speak up, ask questions, share ideas, and express concerns without fear of negative consequences or judgement.” (Delizonna, 2017).
Reputation risk: “Reputation risk is the potential for negative publicity, public perception, or
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