Risk Management

Task 1: (10 marks) How are heuristics (ideas that make you think) used to aid, or hinder, risk-related decision making ? How does bias and avoidance of risk impact on the analysis and management of risk? Support your response with examples Task 2: (30 marks) Assume you are a risk consultant and have been retained to advise a public company on how to changefimplement their risk strategy- Prepare an appropriate response to the board on how they should approach risk