Categorising individuals into one of eight unique Risk Types based on extensive global psychological research provides significant insights for individuals, teams, and organisations, recognising that each Risk Type has its advantages and challenges. As understanding individual and organisational risk tolerance becomes increasingly important, with behavioural risk playing a vital role in risk management, the Risk Type Compass offers a unique perspective on the human risk factor. It facilitates risk planning, research, and discussions about risk tolerance, addresses the suitability of different Risk Types for risk-related roles, and enhances portfolio management by achieving higher levels of risk suitability for clients. While traditional risk management has focused on procedures, regulations, and legislation, the Risk Type Compass uniquely assesses the risk-taking nature of individuals, enabling organisations to maximise potential and balance the contributions of risk-takers and more risk-averse individuals.

Administration (training required, administration time, and languages)

To administer the Risk Type Compass questionnaire, you must complete a one-day qualification workshop, available either live on Zoom or on-demand online learning platform.

Assessment scales

The Risk Type Compass questionnaire positions individuals within a 360-degree spectrum, segmenting them into one of eight Risk Types. This segmentation offers a solid foundation for narrative interpretation.

Applications

The Risk Type Compass can be utilised across various organisational levels, from individuals to teams and at the broader organisational level. It is relevant across all industry sectors and particularly valuable in banking/finance, coaching, consulting, manufacturing, insurance, and energy. The Compass is used for selection and development, team building, risk management (human factors), surveying risk culture, and investor risk profiling.

Report options

The Risk Type Compass offers several software reports. The Personal Report, helpful for selection and development, provides an overview of an individual’s Risk Type, Risk Attitude, and Risk Tolerance, with easy-to-understand interpretations of their risk-taking tendencies. The Risk Type Report offers a summarised overview of an individual’s Risk Type and Risk Tolerance. Lastly, the Team Report and Workbook explores a group’s predisposition to risk and its capacity to manage the risks and decision-making required in their roles. It supports team development and effectiveness events, explores group dynamics, and considers team member selection to achieve the desired balance of Risk Types, highlighting areas for growth.