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The Risk Type Compass, from Psychological Consultancy Ltd. Cover

The Risk Type Compass, from Psychological Consultancy Ltd.

Who we are

We are a leading team of business psychologists with decades of experience. We deliver evidence-based consultancy, impactful training, and workplace research.

Through our globally connected Psy-Key assessment platform, we distribute high quality psychometric personality assessment tools. The Risk Type Compass is the most recent product of PCL's research and development team. This assessment is the ‘break through’ key to natural decision-making styles that vary dramatically from individual to individual.

What we do

Risk dispositions impact the decision-making of individuals, the inter-personal dynamics of teams and the risk culture of organisations. Knowing how each individual perceives and reacts to risk and uncertainty - the way that they deal with the continual flow of conscious and unconscious decisions - provides invaluable insight into decision-making effectiveness.

An approach to decision-making that is focused, meticulous in detail, organised and thorough will not easily synchronise with decision-making that is spontaneous, highly imaginative and changeable. Misunderstandings and potential conflict easily arise between different Risk Types within a team. Positively though, the complimentary nature of differing Risk Types can transform conflict into strength through effective collaboration.

By encouraging awareness and mutual respect, the Risk Type Compass supports team conflict management, team building, risk culture, leadership development, culture change, board assessment and organisational change (plus much more). It resists the group think, herding and risk polarisation that derails projects and organisations.

Three sample client scenarios facilitated by the Risk Type Compass are as follows. Do get in touch if you'd like to learn more!

1. The RTC helped to identify the decision-making style of board members and to assess risk culture. The assessment found all members gravitated towards the same Risk Type. It was clear that their strengths included being calm, level headed and stress tolerant. During the subsequent workshop, it became clear that there were potential blind-spots in their approach to decision-making, such as lacking urgency in implementation and not learning from past mistakes.

2. The RTC was adopted to highlight the strength areas and risk appetite associated with the Risk Type of individual traders. Also, to identify blind-spots, potential performance improvements and the style of trading they were most suited for. The RTC is used extensively in trader coaching in financial centres around the world.

3. The tool has also been used to anticipate sticking points that may arise during organisational change. This enabled leadership to rethink risk in terms of objectively measurable differences, which resulted in increased interpersonal-awareness and mutual respect of Risk Type variations. This open communication channel supported team operations and decision making, championing the realisation of talent, personal responsibility and human capital.

What we've done

In the past, risk management emphasised processes, procedures, regulation and legislation on one hand, and accident stats and probabilities on the other. Any questions about the risk personalities of decision makers seem to have been rapidly assigned to the ‘too difficult’ basket.

We’re proud to have developed a way to measure this ‘knowable unknown’; scientifically measuring the people side of risk - Risk Type. Shortlisted for CIR Risk Management Awards 2020, we’ve worked with a wide range of clients, from large corporates to individual coaches, to support individual, team and organisational level development.

Registered and recognised by the British Psychological Society (BPS), and developed by highly experienced Chartered Psychologists, the Risk Type Compass reflects the neuroscience of decision-making. It was created through professional practise and action research, allowing the empirical data to drive development, rather than siding with ‘big data’ and ‘dust bowl empiricism’.

Now approaching 30 years of responsible professional business consultancy, PCL has ratcheted up many European ‘firsts’: the first online test platform (Psy-Key), first peer reviewed psychological assessments online, first international Hogan distributor, first assessment of risk personality, first ‘competency-metric’ assessment, first to develop mobile-first assessment platforms for candidates, and the list continues. Still at the leading edge, we are proud of this continuing innovation and the global reach of our internet services

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