Removing Bias from Decision Making in the Energy and Power Industry
The transformation of risk management practices is set to accelerate over the next decade. One trend that has contributed to changes in risk management strategies over the past few years is debiasing.
Marsh’s report, Removing Bias from Decision Making in the Energy and Power Industry, highlights how bias is often subconscious and has the potential to negatively affect risk decision making. This, the report explains, can have an effect on the overall risk levels of the organisation and, ultimately, its bottom line.
Analytical tools and benchmarking to remove biases facilitate strong risk differentiation and could help operating companies to attract competitive insurance rates, terms, and conditions.
Topics covered in the report include:
- The pace of risk management change and how debiasing is contributing to this transformation.
- How risk ranking tools can help remove bias from the risk management process.
- The use of benchmarking to mitigate the influence of bias on decision making.
- Retrospective benchmarking as a means to understand risk performance compared with peers.
To find out more, download the report.