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Citation Reference: Bias in Assessment ¶ 1

Citation Guidance: Management should identify and mitigate the effect of bias in carrying out risk assessment practices. For example, confidence bias may support a pre-existing perception of a known risk. Additionally, how a risk is framed can also affect how risks are interpreted and assessed. For example, for a given risk, there may be a range of potential impacts, each with a separate likelihood. Thus, a risk with a low likelihood but high impact could have the same outcome as a high likelihood, low impact; however, one risk may be acceptable to the organization while the other is not. As such, the manner in which the risk is presented and framed to management is critical to mitigate any bias.