Risk Taking
Identifying, assessing, and managing risk while striving to attain objectives.
Level 1 Supports risk-taking by others
BEHAVIORS
- Publicly supports responsible risk-taking by others.
- Participates in responsible risk-taking by others.
- Seeks to learn how others manage risks.
QUESTIONS
- Please describe a time when you openly supported a co-worker who was taking a reasonable risk while working on an activity or project.
Probing Questions
* Describe the situation, including the risk involved.
* What were the factors involved in the risk?
* Did others support the risk-taking?
* In what way did you support this co-worker?
* What was the outcome?
- Tell us about a time when you participated with others in an activity or project that had some degree of risk, for example, the potential of failing or having a negative effect.
Probing Questions
* What activity or project was involved?
* What risk was involved?
* What was your role?
* How did you demonstrate support for others’ risk-taking?
* What was the outcome?
Level 2 Personally takes risks
BEHAVIORS
- Takes calculated risks with minor, but non-trivial, consequences of error (e.g., risks involving potential loss of some time/money, but can be rectified with some time/money).
- Makes decisions in the absence of complete information.
- Takes calculated risks to improve performance.
- When calculated risk does not pay off, focuses on lessons learned, versus. fault-finding.
QUESTIONS
- Please describe a situation when you were working on a task or project and you personally went forward with a plan of action, despite knowing that there was some minor risk involved.
Probing Questions
* What were you working on?
* What risk was involved?
* What were the consequences that you considered?
* What actions did you take?
* What was the outcome?
- Tell us about a decision that you made recently, where you needed to take action despite having incomplete information.
Probing Questions
* Describe the situation, including the decision you needed to make and the action you needed to take.
* What information was lacking?
* What options were available to you?
* What factors did you consider in arriving at your decision?
* What was the outcome?
Level 3 Personally takes significant risks
BEHAVIORS
- Personally takes calculated risks where significant consequences may result from errors (e.g., significant loss of time or money, but can be rectified).
- Fully assesses the risks involved.
- Identifies ways to mitigate the risks.
QUESTIONS
- Describe a time when you were faced with making a difficult decision that carried a significant risk for you or your organization.
Probing Questions
* What was the situation?
* Describe how you assessed the risk.
* What mitigating factors did you consider?
* How did you determine how you would manage the risks involved?
* What was the outcome?
- When was the last time you took a risk at work, which could lead to adverse repercussions for you?
Probing Questions
* Describe the situation.
* What was the risk involved?
* How did you deal with the situation?
* What was the outcome?
Level 4 Leads high-risk initiatives
BEHAVIORS
- Ensures the development and application of guidelines, principles and approaches to assist decision making when risk is a factor.
- Conducts risk assessment when identifying or recommending strategic and tactical options.
- Encourages responsible risk-taking, recognizing that not every risk will pay off.
- Implements initiatives with a high potential pay-off for the organization, where errors cannot be rectified, or only rectified at a significant cost.
QUESTIONS
- Describe a time when you assessed the various risks associated with a strategic plan of action that you were proposing.
Probing Questions
* What was the strategic plan of action?
* Describe the risk assessment that you conducted.
* What mitigating factors did you consider?
* What actions did you take and how did it turn out?
- Tell us about a time when you played a leading role in a highly risky initiative that had the potential to yield significant positive effects if it succeeded, but significant negative effects if it failed.
Probing Questions
* Describe the initiative and your role in it.
* Describe the potential payoff and the associated risks.
* How did you mitigate those risks?
* What were the results of your actions?
Level 5 Provides organizational guidance on risk
BEHAVIORS
- Takes leading action in clarifying and expanding the boundaries of acceptable risk to the organization.
- Oversees the development of guidelines, principles and approaches to assist decision-making when risk is a factor.
- Develops broad strategies that reflect in-depth understanding and assessment of operational, organizational, and political realities and risks.
QUESTIONS
- Risk-taking and decision making go hand-in-hand. To assist decision-makers in dealing with risk, guidelines, principles and approaches to risk can be developed. Talk about a time when you were involved in or oversaw the development of such guidelines and principles.
Probing Questions
* Describe the situation.
* What was your involvement?
* Describe the principles and approaches to risk that were developed and your role in developing them.
* Have the guidelines been applied? Describe a situation where they were applied.
- Describe a time when you were involved at a strategic level in the establishment of boundaries of acceptable risk to the organization.
Probing Questions
* What were the circumstances?
* What was your involvement?
* How did you define acceptable risk?
* What mitigating factors did you consider?
* Did the establishment of these boundaries prove to be useful?