43. Using gamification in risk management - Alex Sidorenko #shorts

Watch some of the best ideas in risk and decision making at the Risk Management Awareness week, streaming now at https://2021.riskawarenessweek.com Risk Modelling Game 3.0

This game is the result of collaboration between Risk-academy, Palisade, Institute for Strategic Risk Analysis (ISAR) and Deloitte. Together we have created an amazing business game to teach non-financial management and staff how to perform risk modelling on day to day management decisions.

You will have to play a role of an aircraft engine manufacturing company. Your team has prepared a business case for a multimillion dollar plant modernisation. Unfortunately the project plan have just been rejected by the Board, so you only have a couple of hours to conduct in-depth risk analysis and present updated an business case to the Board.

The game is focused around risk modelling, requiring participants to identify and validate management assumptions, identify relevant risks, establish ranges and select possible distributions for each assumption, perform Monte Carlo simulation using [email protected] and present the final results. All this has to be performed in limited time and with incomplete information... just like in real life. And just to add a little bit of drama, like in real life participants have to deal with unexpected "black swans" during the game.

The aim of the game is to prepare risk analysis for a multimillion plant modernisation investment project. The team with the highest risk adjusted rate of return wins.

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