balancing risk and reward

Balancing Risk and Reward

Rodney Denno, President

Secure Open Systems Inc.

ISSA Vancouver Chapter - September 21, 2005

Who am I?

• I’ve worked on international standards• Small business security and RM• Global payments organizations (RM and

Privacy)• Two patents• Yet never heard anyone talk about the

human side of RM and how individuals make decisions

Decisions, Decisions

• Understand how to manage business risks (Technology, Legal and Opportunity) and by understanding how your own Personal Risk Management Style effects your decisions

FUD

– FEAR– UNCERTAINTY– DOUBT

Is this YOU?

Are You?

How many believe you are risk managers?

How many believe you are good risk managers?

How many F’s

FINISHED FILES ARE THE RE-

SULT OF YEARS OF SCIENTIF-

IC STUDY COMBINED WITH THE

EXPERIENCE OF MANY YEARS

Social

Social

Social

Psychological

Psychological

Psychological

Neurological

Neurological

Neurological

Neurological

Cellular

Cellular

Cellular

Molecular

Molecular

Molecular

Principle #1

FEAR is a fundamental part of who we are. Don’t negate it, embrace it as a

positive part of your being.

Principle #2

You can change the effect FEAR has on you from one of negative/destructive to

one of positive/supportive.

Principle #3

The words we use determine so much of who we become and tell us so much

about who we are!

Action

Recognize and Nurture the risk taker in you.

Find the Master Risk Balancer in you.

Action

RM strategy must be based on “Eyes Wide Open” strategy NOT “Eyes Wide

Shut” strategy!!

F E A R

False

Evidence

Appearing

Real

Think about You!