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Former Member
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Today I would like to share John Adams' inspiring perspective on risks. He basically argues that rewards and accidents/losses are consequences of risk taking. Rewards influence the propensity of a person to take risks. Risk propensity varies from every person to another. On the other hand, failures and losses influenced the perceived danger. Both influence the so-called balancing behavior. Using this model, John Adams argues that today's institutional risk management is only focusing on the lower part - the accident reducing loop. This will result in a useless pursuit of "safety at any costs".

John Adams has blogged several interesting articles on risk in general and many other articles worth reading.

http://primoeurope.files.wordpress.com/2009/02/the-risk-thermostat.jpg(source: john-adams.co.uk)

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