Because we’re human......

Steve Fowler

Managing Director, Amarreurs Consulting Ltd

IIRSM Conference

London, May 2018

The availability bias or heuristic• Sharks

Consider this.........................• Sharks

• A bat and ball cost £1.10

• The bat costs £1 more

than the ball

• How much is the ball ?

System 1 and system 2 thinking – Kahneman, 2011• Sharks

More examples of biases (1)

• Availability bias

• Confirmation bias

• Affinity (‘like me’) bias

• Stereotype bias

More examples of biases (2)

• Hindsight bias

• Anchoring

• Invincibility cloaks – ‘she’ll be right’

• Cognitive dissonance – group think

10/01/16

Ethnicity – understanding cultural norms (1)

• Low v high context

• Direct v indirect negative feedback

• Principles v application

• Linear v flexible time

Ethnicity – understanding cultural norms (2)

• Egalitarian v hierarchical leadership

• Consensual v top-down decision making

• Task v relationship-based trust

• Confrontational v avoiding

The Power of Diversity

• Governance rules increasingly recommend/require

• Good social responsibility practice

• The power of global economies

• And in domestic markets too

• Better performing firms

• Improved strategic vision

• Better risk management

Some recommended reading......

• ‘Risk Savvy’ – Gerd Gigerenzer – 2014

• ‘Wilful Blindness’ – Margaret Heffernan – 2012

• ‘Thinking Fast and Slow – Daniel Kahneman – 2011

• ‘The Culture Map’ – Erin Meyer – 2015

• ‘In Sickness and In Power’ – David Owen – 2008

• ‘Thinking the Unthinkable’ – Nik Gowing/Chris Langdon - 2018

Thank you …..

Email: steve@amarreurs.com

Tel: +44 7952 257898

Steve Fowler

Managing Director

Amarreurs Consulting Ltd

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